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Bank shares and FedEx weigh down Wall Street


    NEW YORK (Reuters) - Stocks slipped to session lows mid-morning on Wednesday, weighed down by bank shares after Standard and Poor's cut ratings and outlooks on 22 U.S. banks and after a disappointing earnings forecast from bellwether FedEx Corp .

    The decline sent the broad S&P 500 stock index below its 200-day moving average for the first time since June 1.

    The Dow Jones industrial average dropped 38.32 points, or 0.45 percent, to 8,466.35. The Standard & Poor's 500 Index fell 7.61 points, or 0.83 percent, to 904.36. The Nasdaq Composite Index lost 10.27 points, or 0.57 percent, to 1,785.91.

    (Reporting by Rodrigo Campos; Editing by Padraic Cassidy)