NEW YORK: Wall Street’s major averages dropped on Friday, as investors were concerned over the health of the US banking system.
The Dow Jones Industrial Average fell 384.57 points, or 1.19 per cent, to 31,861.98. The S&P 500 decreased 43.64 points, or 1.1 per cent, to 3,916.64. The Nasdaq Composite Index sank 86.77 points, or 0.74 per cent, to 11,630.51.
All the 11 primary S&P 500 sectors ended in red, with financials and real estate down 3.29 per cent and 2.27 per cent, respectively, leading the slide.
US regional banks continued to suffer after a relief bounce on Thursday, reported Xinhua.
Shares of First Republic Bank plummeted 32.8 per cent on Friday, even after a consortium of 11 large US banks on Thursday banded together to deposit US$30 billion into the troubled regional bank in a bid to stabilise the banking system.
The SPDR S&P Regional Banking ETF lost 6 per cent and finished the week 14 per cent lower.
US financial markets have been quite volatile recently after the near-simultaneous collapse of Silicon Valley Bank, Silvergate Bank and Signature Bank last week challenged confidence in the financial system.
For the week, the Dow fell 0.1 per cent, the S&P 500 gained 1.4 per cent and the Nasdaq climbed 4.4 per cent. - Bernama