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It's a Bad Day for Banks

And the S&P 500 snaps a 3-day winning streak
By Newser Editors and Wire Services
Posted Aug 20, 2019 3:19 PM CDT
Banks Have It Worst Amid Modest Slide
Traders Tommy Kalikas, left, and Peter Tuchman work on the floor of the New York Stock Exchange, Monday, Aug. 19, 2019.   (AP Photo/Richard Drew)

(Newser) – Financial companies led a modest slide by stocks on Wall Street as a mixed batch of company earnings and declining bond yields weighed on the market, the AP reports. The selling pulled every major sector lower on Tuesday, snapping a three-day winning streak for the S&P 500. Banks took the biggest losses as investors reacted to another drop in long-term bond yields. The yield on the 10-year Treasury note slipped to 1.55% from 1.59% late Monday. Lower bond yields mean lower interest rates on loans and lower profits for banks. Bank of America dropped 2%. The S&P 500 fell 23 points, or 0.8%, to 2,900. The Dow Jones Industrial Average lost 173 points, or 0.7%, to 25,962. The Nasdaq fell 54 points, or 0.7%, to 7,948.

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