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Wall Street closes in the red with fresh selling in the banking sector

Wall Street closes in the red with fresh selling in the banking sector

US stocks closed in the red, ending four days of gains. The pressure on the indices was a ‘sell’ – a mass sell – in the banking sector.

Major declines included the likes of Wells Fargo & Co and Citigroup, with shares in both down 2%. First Republic Bank also ended the session with losses of more than 5%.

The S&P 500, the region’s main index, fell 0.58% to 4,100.60 points, and the Dow Jones Industrial Average fell 0.59% to 4,100.60. 33,402.38 points, and the Nasdaq Technology Index fell 0.52%, to 12,126.33 points.

Gennadiy Goldberg, an analyst at TD Securities, believes that investors “should remain alert to signs of stress in banks.” “We expect market participants to react disproportionately to negative economic news,” he told Bloomberg.

It was released this Tuesday that the number of job vacancies available in the United States fell to the lowest value since May 2021 – 9.93 million. The data released by the US Department of Labor, was already seen as an effect of successive interest rate hikes, which gave strength to investors’ expectations that the end of the rate hike cycle will be near.

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