new York Another sell-off in the US banking sector on fears of a new financial crisis dragged Wall Street further down on Friday. The Dow Jones index of standard values lost 1.5 percent to 31,752 points by midday. The broader S&P 500 slipped 1.4 percent to 3,908 points, while the Nasdaq index fell 1 percent to 11,600 points.
Regional bank stocks were particularly hard hit again, led by the ailing First Republic Bank. “It’s a sign of dwindling confidence amid uncertainty over who might need help next,” said market analyst Craig Erlam of trading house Oanda. Investors fled to safe-haven government bonds, pushing the yield on the 10-year US Treasury to 3.382 percent.
Gold, the “crisis currency”, was also in great demand. The price soared 3.2 percent to an 11-month high of $1,979 an ounce.
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