Stocks fall as metals lose shine

WALLStreet fell for a second day yesterday as selling accelerated into the close, led by sharp losses in bank and metal stocks.

Metals stocks gave up earlier gains after the price of gold and silver fell sharply late in the day and the dollar strengthened.

Financial stocks took a hit as interest rates rose late in the day.

An index of gold and silver miners' shares fell 2.6 per cent after hitting an all-time high earlier in the day. Shares of the iShares Silver Trust, which tracks the price of silver, fell 3.6 per cent on massive volume as more than 150m shares changed hands.

The Dow Jones industrial average slid 60.09 points, or 0.53 per cent, to 11,346.75. The Standard & Poor’s 500 Index dropped 9.85 points, or 0.81 per cent, to 1,213.40. The Nasdaq Composite Index lost 17.07 points, or 0.66 per cent, to close at 2,562.98.