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By Staff Reporters
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Regional bank stocks slid again on Friday on fears that more banks might fail or need intervention from the government. The KBW Regional Bank index fell by nearly 3% from rumors that Treasury Secretary Janet Yellen said additional bank consolidations might need to occur, according to a CNN report.
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Yesterday, stocks turn south after Republicans walked out on debt ceiling talks, but the S&P 500 and NASDAQ are still higher for the week. In summary:
- The Dow Jones Industrial Average fell 109.28 points, or 0.3%, to close at 33,426.63.
- The S&P 500 fell 6.1 points, or 0.1%, to finish at 4,191.98.
- The NASDAQ Composite dropped 30.94 points, or 0.2%, to end at 12,657.90.
All three major indexes booked weekly gains, with the Dow rising 0.4% to snap two straight weeks of losses. The S&P 500 saw a 1.6% gain for the week, also snapping back-to-back weekly losses; the NASDAQ rose 3% in a fourth straight week of gains for its longest winning streak since the week ending Feb. 3rd, according to Dow Jones Market Data.
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Filed under: Investing, "Ask-an-Advisor", Financial Planning, Alerts Sign-Up | Tagged: CNN, DJIA, DOW, Janet Yellen, KBW, NASDAQ, regional banks, republicans, S&P 500, stock indexes |
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