Top 3 Reasons Banks Took the Markets Down

Markets closed down on Wall Street: DJI -0.5% SP500 -1.08% Nasdaq -1.11% Gold 0.1% Oil -0.27%.

On the commodities front, Oil (NYSE:USO) closed back at $98.74, while precious metals were mixed with Gold (NYSE:GLD) down slightly to $1,545 and Silver (NYSE:SLV) up 1%.

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Today’s markets were down because:

1) Banks spooked a low volume market. Famed investors John Paulson and David Tepperare offloading their holdings in financial institutions. Bank of America (NYSE:BAC) and Citigroup (NYSE:C) are still under major scrutiny for their books. And, Goldman Sachs (NYSE:GS) can’t shake the threat of major lawsuits. All that was enough to put financials (NYSE:XLF) in a tailspin for the day.

2) Apple WWDC took center stage. Tech titan Apple (NASDAQ:AAPL) announced all their big new items for the acolytes. iCloud, iTunes Match, and the new iOS 5 were all stars of the show. We covered the event live in detail, then put together your Cheat Sheet to everything you need to know about WWDC.

3) Airlines and Autos were a major drag. The International Air Transportation Association offered up bad news as profit outlooks were slashed due to the disaster in Japan (NYSE:EWJ), the Grimsvotn volcano, and rising fuel costs (NYSE:USO). On the ground, General Motors (NYSE:GM) hit fresh 52-week lows, down 1.92% to $28.56.

Bonus: Apple WWDC Cheat Sheet: What Will iCloud Mean for You?

Now that you’re in the know, enjoy your summer night!

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