US stocks fell on Wednesday with the S&P 500 stalled near a 10-month-old high after weak data on Europe's business activity raised concerns about a recession. The S&P has been unable to convincingly pierce the 1,360 level, a high hit last May and a key resistance point that could spark further gains, if broken.
The benchmark index is up about 8 percent for the year, and more than 20 percent from October lows. The S&P financial index was down 1 percent. Morgan Stanley fell 2.3 percent to $18.81 and Bank of America Corp was down 1 percent at $8.03. Citigroup Inc took off 2.8 percent to $32.42.
The Dow Jones industrial average was down 49.91 points, or 0.38 percent, at 12,915.78. The Standard & Poor's 500 Index was down 6.56 points, or 0.48 percent, at 1,355.65. The Nasdaq Composite Index was down 17.87 points, or 0.61 percent, at 2,930.70. Dell Inc slumped 6.4 percent to $17.04 and was one of the biggest drags on the S&P. The world's No 3 personal computer maker forecast revenue below expectations late Tuesday.
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