Banks sink on European economic worry

NEW YORK (Reuters) – Banks led stocks lower on Wednesday as the S&P 500 stalled near a 10-month-high after signs of weak European business activity rekindled concerns about a recession overseas. U.S. banks were the S&P 500′s worst performing sector. Investors feared that weak euro zone growth would hamper countries dealing with heavy debt loads and the banks exposed to those debts. “We’re very concerned around the markedly deteriorating credit fundamentals in Europe,” said Steven Baffico, chief executive officer at Four Wood Capital Partners in New York. …