Wachovia drags on banks and cancels out energy rise

14/04/2008 - 21:12

NEW YORK (Reuters) - Stocks edged lower on Monday after an unexpected quarterly loss from Wachovia Corp dragged down the financial sector, overshadowing strong gains in energy companies as oil closed at a record.

The Dow Jones industrial average fell 23.36 points, or 0.19 percent, to end unofficially at 12,302.06. The Standard & Poor's 500 Index slipped 4.51 points, or 0.34 percent, to finish unofficially at 1,328.32. The Nasdaq Composite Index sank 14.42 points, or 0.63 percent, to close unofficially at 2,275.82.

(Reporting by Chris Sanders; Editing by Jan Paschal)

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