US Stocks Erase Gain as House Votes to Limit Card Rates

Nov 4th, 2009 - Bloomberg

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Nov. 4 (Bloomberg) -- U.S. stocks erased most of a156-point rally in the Dow Jones Industrial Average after aHouse bill to curb credit-card rates spurred concern aboutbank earnings, outweighing the Federal Reserve’s plan to keepinterest rates at a record low.

Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc.led financial shares to the steepest loss among 10 industries asthe vote moved up the start date of many rule changes that willmake it more difficult for banks to boost credit-card rates. TheStandard & Poor’s 500 Index wiped out most of 1.5 percent rallytriggered when the Fed said it will leave interest rates at“exceptionally low” levels for an extended period.

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