NEW YORK—Shares of most investment banks fell early Tuesday as the Federal Reserve got set to open two days of meetings that could lead to additional interest rate cuts.
A report that the number of homes heading toward foreclosures more than doubled in the first quarter and Countrywide Financial Corp.'s first-quarter loss of $893 million also indicate the housing and lending markets continue to be weak, which could be weighing on the banks.
Here's how shares of the major investment banks fared in morning trading:
Bear Stearns Cos. slipped 2 cents to $10.65.
Goldman Sachs Group Inc. fell 97 cents to $189.33.
Lehman Brothers Holdings Inc. lost 79 cents to $46.73.
Merrill Lynch & Co. fell 44 cents to $49.36.
Morgan Stanley gave up 78 cents to $49.13.
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