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 closed 1.2 percent lower at 31,861 points. The tech-heavy Nasdaq fell 0.7 percent to 11,630 points. The broad S&P 500 lost 1.1 percent to 3916 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 jumped about three percent to an 11-month high of $1,979 an ounce.
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