Bank stocks resume their slide
Bank stocks posted their second day of steep losses in early trades on Friday as investors feared a cash crunch in the sector on the heels of a liquidity challenge at SVB Financial (SIVB). Dow Jones Industrial Average components JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS) fell 1.8% and 3.9% respectively, while the DJIA dropped 0.5%. Bank of America Corp. (BAC) fell 4.7%, Citigroup Inc. (C) moved down by 2.4%, Morgan Stanley (MS) fell by 2.2% and Wells Fargo & Co. (WFC) dropped 3%. The KBW Bank Index moved lower by 6.5%, while the Financial Select SPDR ETF (XLF) fell 2.7%. Signature Bank (SBNY) is down 26% and PNC Financial (PNC) is lower by 3.4%. SVB Financial is halted. First Republic (FRC) was also halted after its stock fell by 21.5%.
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(END) Dow Jones Newswires
March 10, 2023 10:12 ET (15:12 GMT)
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