Stocks slumped on Wall Street after another turbulent day of trading.
The S&P 500 fell 0.6% Thursday after erasing a morning gain. The Dow Jones Industrial Average dropped 0.7%, and the Nasdaq composite sank 0.5%.
Bank stocks led the way lower on worries about loans they’ve made.
Zions Bancorp. tumbled after saying it’s charging off $50 million in loans. Western Alliance Bancorp dropped after saying it has sued a borrower, alleging fraud.
The question is whether these issues are one-offs or a symptom of something larger threatening the banking industry.
The 10-year Treasury yield fell below 4% and the price of gold rose 2.5%.
On Thursday:
The S&P 500 fell 41.99 points, or 0.6%, to 6,629.07.
The Dow Jones Industrial Average fell 301.07 points, or 0.7%, to 45,952.24.
The Nasdaq composite fell 107.54 points, or 0.5%, to 22,562.54.
The Russell 2000 index of smaller companies fell 52.74 points, or 2.1%, to 2,467.01.
For the week:
The S&P 500 is up 76.56 points, or 1.2%.
The Dow is up 472.64 points, or 1%.
The Nasdaq is up 358.11 points, or 1.6%.
The Russell 2000 is up 72.42 points, or 3%.
For the year:
The S&P 500 is up 747.44 points, or 12.7%.
The Dow is up 3,408.02 points, or 8%.
The Nasdaq is up 3,251.74 points, or 16.8%.
The Russell 2000 is up 236.86 points, or 10.6%.
The Associated Press
