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Empresas y finanzas

Financials, tech shares weigh on Wall Street


    NEW YORK (Reuters) - Stocks tumbled on Monday, roiled by worries about how big a bite the global financial crisis has taken from banks' profits and fallout from a massive hedge fund fraud scheme.

    Highlights:

    * The financial sector fell on concern over exposure to funds managed by Bernard Madoff, an investment manager accused by U.S. authorities of masterminding a $50 billion fraud.

    * JPMorgan Chase & Co was the biggest drag on the Dow after Merrill Lynch cut the stock to an "underperform" rating and forecast a loss for the bank's fourth quarter.

    * The Dow Jones industrial average fell 65.15 points, or 0.75 percent, to end unofficially at 8,564.53. The Standard & Poor's 500 Index slipped 11.14 points, or 1.27 percent, to close unofficially at 868.59. The Nasdaq Composite Index dropped 32.38 points, or 2.10 percent, to finish unofficially at 1,508.34.

    (Reporting by Deepa Seetharaman; Editing by Jan Paschal)