Stocks' Winning Streak Ends, Dow Drops 107 Points

(NewsCore) - U.S. stocks snapped a four-day winning streak Tuesday, slipping more than one percent on very thin volumes as banking worries from Europe put investors on the defensive.

The Dow Jones Industrial Average dropped 107.24 points, or one percent, to 10,340.69, moving back into the red for the year and cutting into last week's rally, which lifted the Dow 4.4 percent.

Financial components led the decline, with American Express down 4.1 percent, J.P. Morgan Chase off 2.3 percent and Bank of America down 2.2 percent.

"On the days where we're concerned about the aftermath of this financial meltdown we just went through, financials tend to take it the worst," said Art Hogan, chief market analyst at Jefferies.

In addition to fresh fears about the health of Europe's banks, Hogan pointed to banking regulators meeting in Basel, Switzerland, who some expect will raise the amount of high-quality "Tier 1" capital that banks are required to hold.

"There's a sense that we're still not out of the woods yet," he said.

The Nasdaq Composite slipped 1.1 percent to 2,208.89. The Standard & Poor's 500 index shed 1.2 percent to 1,091.85.

Investors moved toward safer assets. The U.S. Dollar Index, tracking the U.S. currency against a basket of six others, climbed one percent.

Read more: Wall Street Journal