U.S. markets slide on banking fears

NEW YORK, July 15 (UPI) -- U.S. stock indexes slid Tuesday morning with a renewed focus on troubled banks.

The Federal Deposit Insurance Corp.'s seizure of California's IndyMac Bancorp Friday was a sign of trouble in the industry. National City (NYSE:NCC) shares have fallen 77 percent since the first of the year. On Tuesday, Wachovia shares fell nearly 12 percent, The Wall Street Journal reported.

In midmorning trading, the Dow Jones industrial average was down 140.20 points to 10,914.99, down 1.27 percent. The Standard & Poor's 500 index lost 17.11 points to 1,211.19, down 1.39 percent. The Nasdaq composite index fell 1.11 percent to 2,188.32, down 24.55 points.

The 10-year U.S. Treasury note gained 12/32 to yield 3.815 percent.