Banking Industry Concerns Weigh Down Markets

While investors welcomed reports that the federal government would increase its stake in Citigroup rather than nationalize the bank, concerns about the rest of the banking industry weighed down the markets during the midday with the Dow plunging 144 points to 7221. Nasdaq plummeted 34 points to 1408.

On the upside

Garmin (Nasdaq: GRMN) blamed the sluggish economy for lower fourth quarter revenue and profit that fell by half.

Ford Motor (NYSE: F) and the United Auto Workers union have negotiated a tentative deal to modify retiree health care.

The Supreme Court (Nasdaq: RMBS) rejected the Federal Trade Commission's request to review its antitrust case against Rambus.

On the downside

Citigroup downgraded Huntington Bancshares (Nasdaq: HBAN).

Weingarten Realty Investors (NYSE: WRI) sharply lower fourth quarter funds from operations due to hefty property charges.

Shares of Chiquita Brands International (NYSE: CQB) continued falling after widening fourth quarter losses by a wide margin on Friday prompting a downgrade.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocksplunged 11 points to 400.