(Image by Oleg Gamulinskiy from Pixabay)
(CNBC) -- Stocks tumbled on Tuesday as traders’ fears around contagion in the regional banking sector returned.
The Dow Jones Industrial Average fell 367 points, or 1.1%. The S&P 500 also slid 1.1%, and the Nasdaq Composite dropped 1.08%. The three major averages fell for a second consecutive session.
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Bank shares slid, with the SPDR S&P Regional Banking ETF dropping more than 6%. Traders questioned the stability of smaller regional financial institutions after the crisis that engulfed Wall Street in March and brought about the end of Silicon Valley Bank and First Republic Bank. Regional banks PacWest and Western Alliance declined 27% and 15%, respectively.
The post Dow tumbles more than 300 as banking sector worries reignite before Fed rate decision appeared first on WND.
