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Already among the many worst performers available in the market’s swoon over the previous week, banks took a direct hit Tuesday from the Federal Reserve’s emergency price minimize.
The KBW Nasdaq Financial institution Index of the 24 greatest U.S. banks fell 4.6% on Tuesday and has misplaced 8.4% over the previous week, greater than double the S&P 500’s 4% drop over the week. Insurance coverage corporations have additionally taken successful, dragging down the S&P financials sector 6.6% up to now week.
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