U.S. markets close lower Monday

U.S. markets close lower Monday

May 11, 2009 (United Press International) -- U.S. stock markets closed lower Monday as financial firms faced decisions on how to make up capital shortfalls as defined by the Treasury Department.

The Treasury released details of the stress tests done on 19 of the country's largest banks Thursday. Shares of Capital One Financial (NYSE:COF) fell 13.53 percent Monday and BB&T (NYSE:BBT) shares fell 7.56 percent, after the companies said they would sell stocks to increase their cushions and repay government bailout funds, The Wall Street Journal reported.

By close, the Dow Jones industrial average lost 155.88 points, or 1.82 percent, to 8,418.77. The Standard & Poor's (NYSE:MHP) 500 fell 2.15 percent, 19.99 points, to 909.24. The Nasdaq composite index lost 7.76 points, 0.45 percent, to 1,731.24.

On the New York Stock Exchange, 862 stocks advanced and 2,179 declined on a volume of 8.6 billion shares traded.

The benchmark 10-year U.S. Treasury bond rose 1 2/32 to yield 3.16 percent.

The euro against the dollar was at $1.3584, compared to Friday's $1.3628. Against the Japanese yen, the dollar fell to 97.405 yen, compared to Friday's 98.46 yen.

In Tokyo, the Nikkei average gained 19.15 points to 9,451.98, up 0.2 percent.

In London, the FTSE index fell 0.6 percent, 26.59 points, to 4,435.50.