REFILE-US STOCKS-Credit jitters, oil hit Wall St; banks dive
(Refiles to fix capitalization of DiLiddo and VectorVest in 6th paragraph)
* Oil futures rise nearly $4 a barrel
* Financial shares tumble on credit concerns
* Liz Claiborne outlook disappoints
* Import prices jump, retail sales off in July (Updates to early afternoon)
NEW YORK, Aug 13 (Reuters) - U.S. stocks slid on Wednesday as financial shares sold off for a second straight day on fresh concerns about the widening impact of the mortgage crisis on the U.S. economy's outlook.
A rebound in oil prices added to investor concerns, along with Deere & Co's (DE.N) profit shortfall and disappointing retail company outlooks.
Investors sold off shares of major banks and other financial firms, a day after JPMorgan Chase & Co (JPM.N) said it had racked up an additional $1.5 billion in write-downs stemming from soured mortgage-related investments.
Shares of Bank of America (BAC.N), the No. 2 U.S. bank, were a top drag on the Dow and S&P 500, falling more than 6 percent. The casualties included Citigroup (C.N), the largest U.S. bank, down nearly 3 percent, while JP Morgan shares declined more than 2 percent.
The S&P financial index .GSPF was down 2.6 percent. Another standout decliner was General Motors (GM.N), down almost 7 percent, after credit ratings agency Moody's Investors Service cut its ratings on the automaker deeper into junk.
"The reality of the credit crisis isn't over," said Bart DiLiddo, chairman of VectorVest Inc, a financial research firm in Akron, Ohio. "The housing market hasn't bottomed yet. These banks aren't going to become real money-makers for a while."
The Dow Jones industrial average .DJI fell 155.35 points, or 1.33 percent, to 11,487.12. The Standard & Poor's 500 Index .SPX declined 10.63 points, or 0.82 percent, to 1,278.96. The Nasdaq Composite Index .IXIC slid 20.78 points, or 0.85 percent, to 2,409.83.
Shares of Bank of America fell to $29.23 and Citigroup shares declined to $17.98 on the New York Stock Exchange. JPMorgan shares dropped to $37.09. The S&P financial index was on track for its worst 2-day drop in 6 years.
Shares of Deere, whose results reflected the impact of the U.S. housing slump, slipped 5.6 percent to $65.45 on the NYSE and dragged along other big manufacturers including Caterpillar Inc (CAT.N), down almost 4 percent at $69.05.
Shares of GM declined to $10.25. Continued...
