Mr. Detrick noted that the Wachovia news compounded investors' concerns about the banking sector following a report Friday from General Electric Co. GE, seen as a bellwether of big business and the broader economy, said its financial services business was challenged in the first quarter by the slowing U.S. economy and difficult capital markets.
"We obviously came out with more bad financial news," said Ryan Detrick of Schaeffer's Investment Research, referring to the Wachovia report. "The flip side is we had retail sales come in a little better than expected. It seems like they kind of negated each other."
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