Stocks Plummet for Third Day

Markets were down 2 percent Friday—culminating in a more than 5 percent drop in the third consecutive day of slumping stocks—with the Dow Industrials now at its lowest point since early November. Concerns over President Obama's promise to restrict banks from casting risky bets and consolidating further fueled the drop. Morgan Stanley’s stock dropped 6.3 percent, Goldman Sachs was down 5.2 percent, and Bank of America fell 4.5 percent. Following the trend, the S&P 500 and Nasdaq also reported a decrease in value as well. Investors were also worried over news that Ben Bernanke faced growing opposition in his bid to be reconfirmed as Fed chair, The New York Times reports.