New York – U.S. stocks had their biggest drop in six months, led by declines in banks.
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Financial companies, which soared in the months since the U.S. presidential election, fell sharply Tuesday.
Bank of America sank 5.8 percent, while JPMorgan Chase and Wells Fargo each lost about 3 percent.
A drop in bond yields helped push financial stocks lower. Lower yields mean lower interest rates on mortgages and other kinds of loans.
Industrial companies and transportation stocks also fell. United Continental dropped 3.3 percent.
The Standard & Poor’s 500 index lost 29 points, or 1.2 percent, to 2,344.
The Dow Jones industrial average fell 237 points, or 1.1 percent, to 20,668. The Nasdaq composite dropped 107 points, or 1.8 percent, to 5,793.
Small-company stocks fell more than the rest of the market.
Take your choice
1) Blame Obama
2) fake news
Trumpie took credit for the boom, now he’s causing the bust. The FBI investigation and Congressional hearings may turn up illegal behavior, leading to the already anticipated impeachment (or his resignation) early this summer. The Market likes certainty, and Trumpie is an uncertain roller coaster. Down we go!