Dow drops as banking stocks sink
US markets were down on Friday, to end the worst week for the sector in over a decade
Bank stocks led US markets lower on Friday as investors’ concerns over the health of the financial sector continued to grow.
The Dow Jones Industrial Average was down over 400 points, or 1.3%, as of 16:10 GMT. The S&P 500 fell 1.15%, and the tech-heavy Nasdaq Composite slid 0.9%.
The slide was driven by financials, with First Republic Bank stock nosediving 20% in early trading after the bank suspended its dividend payout and analysts announced that it was facing a “dire” outlook. On Thursday,…