Bank shares fall as Wall Street gives up early gains
- US Market
- 4 months ago
Wall Street closed lower on yesterday's session as the continuing spat with China over tariffs is increasing a likelihood of an economic slowdown.
The DJIA dropped 237.92 points to 25,347.77, giving up a 131-point gain from earlier in the day while the S&P 500 pulled back 0.8% to 2,802.39 as the consumer sector fell off the pace and the Nasdaq Composite fell 0.4% to end the day at 7,607.35.
Both the S&P 500 and Nasdaq traded higher earlier in the session however towards the last hour of trading all of the major indices found themselves giving up gains.
Bank shares fell broadly amid the lower interest rates as Goldman Sachs dropped 1.8% while Citigroup and J.P. Morgan Chase fell 0.9% and 1.1%, respectively.
Morgan Stanley and Wells Fargo too followed suit as they posted up losses.
Source: Smart Trend Team