Wall Street was hit by a renewed sell-off in bank shares on Wednesday, as investor fears about bond portfolios held by US lenders weighed on sentiment after the collapse of Silicon Valley Bank and new turbulence in the European financial sector.
The drop in bank stocks helped drag the US blue-chip S&P 500 down 0.7 per cent, while the tech-heavy Nasdaq Composite finished flat.
JPMorgan Chase, the world’s largest bank by assets, ceded 4.7 per cent, while Citibank and Morgan Stanley both ended more than 5 per cent lower. The KBW Nasdaq Bank index was 3.6 per cent lower.
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