US stocks sank and government bonds rallied sharply on Tuesday, as a steep sell-off in First Republic shares reignited fears over the health of the banking sector.
Wall Street’s benchmark S&P 500 lost 1.6 per cent on Tuesday, its biggest daily decline in more than a month, while the technology-heavy Nasdaq Composite slid 2 per cent, its biggest drop in almost two months. First Republic was by far the biggest decliner, losing just under 50 per cent of its market value in the session.
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