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Stocks lose ground as financials weigh


    NEW YORK (Reuters) - Stocks briefly turned negative on Tuesday, weighed down by financial shares, as disappointment about the absence of coordinated rate cuts by central banks tempered optimism about a Federal Reserve plan to strengthen the commercial paper market.

    The Dow Jones industrial average was down 41.50 points, or 0.42 percent, at 9,914.00. The Standard & Poor's 500 Index was down 4.81 points, or 0.46 percent, at 1,052.08. The Nasdaq Composite Index was down 13.13 points, or 0.70 percent, at 1,849.83.

    Investors had bet that after Monday's slide in global equity markets, central banks might mount a coordinated response to calm jittery investors.

    Bank of America fell more than 16 percent a day after it announced a plan to raise as much as $10 billion to shore up its capital. The bank also slashed its dividend and posted a slide in quarterly profit in a surprise announcement.

    (Reporting by Ellis Mnyandu, Editing by Kenneth Barry)