BREAKING NEWS: Stocks Erode Late, Financial Names Sink

The major market averages rallied for most of the day but closed with a whimper as financial names sold off. Bank of America lost nearly 8%, while Goldman shed close to 5% on reports late in the day that its CEO, Lloyd Blankfein, has hired a prominent defense attorney. The Dow managed a gain of 37 points, while the S&P 500 and Nasdaq Composite were essentially flat.

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