Large Stock Focus: Credit-Card Stocks Fall As Bank-Overhaul Rises
Stocks sank as concerns over European debt and the advance of financial-overhaul legislation sent investors scuttling away from American Express, Visa and MasterCard.</br></br>The Dow Jones Industrial Average fell 162.79 points, or 1.5%, to 10620.16. Still, the measure ended up 2.3% on the week, its biggest point and percentage gain since the week that ended March 5.</br></br>The Standard & Poor's 500-share index tumbled 21.76 points, or 1.9%, to 1135.68, but closed the week up 2.2%. The Nasdaq Composite slid 47.51 points, or 2%, to 2346.85, but climbed 3.6% on the week, also its biggest point and percentage gain since the week ending March 5.</br></br>Credit-card issuers weakened after the Senate voted to allow the Federal Reserve to regulate fees on debit-card transactions. The measure also will allow retailers more leverage in negotiating with credit-card firms and banks over the fees for card transactions.</br></br>Visa tumbled $8.47, or 9.9%, to $77.26, while MasterCard dropped 19.86, or 8.6%, to 212.45. American Express declined 2.17, or 5.1%, to 40.64.