NEW YORK (AP) -- Bank stocks are falling broadly after the securities firm MF Global filed for bankruptcy protection. Last week the company's debt was downgraded to junk status by ratings agencies concerned about its large holdings of European government debt.
Shortly before noon, the Dow was down 133 points, or 1.1 percent, to 12,098. The decline comes after the Dow closed out its fifth straight week of gains, its best winning streak since January.
The Standard & Poor's 500 was down 16, or 1.2 percent, to 1,269. The Nasdaq composite was down 25, or 0.9 percent, to 2,712.
Despite being known as a jinx month for the market, October is shaping up to be one of the best months on record. The S&P is on track for its best month since January 1987.
