Stocks Erase Yesterday's Gains

The markets are continuing their wild ride. The Dow, up 149 points yesterday, skidded down more than 300 points this afternoon. The S&P 500 was off 3 percent to hit its lowest level since 1996 and JPMorgan's stock lost 10 percent of its value after news that Moody's may cut the bank's credit rating. As has been the norm, other bank stocks like Bank of America and Wells Fargo were down more than 8 percent. Another sign of the times: Citigroup's stock broke below the $1 barrier. "You have to have stability in the banks for a sustainable rally—we're not there yet," said one trader.