Bank stocks posted their second day of steep losses in early trades on Friday as investors feared a cash crunch in the sector on the heels of a liquidity challenge at SVB Financial SIVB. Dow Jones Industrial Average DJIA components JPMorgan Chase & Co. JPM and Goldman Sachs Group Inc. GS fell 1.8% and 3.9% respectively, while the DJIA dropped 0.5%. Bank of America Corp. BAC fell 4.7%, Citigroup Inc. C moved down by 2.4%, Morgan Stanley MS fell by 2.2% and Wells Fargo & Co. WFC dropped 3%. The KBW Bank Index BKX moved lower by 6.5%, while the Financial Select SPDR ETF XLF fell 2.7%. Signature Bank SBNY is down 26% and PNC Financial PNC is lower by 3.4%. SVB Financial is halted. First Republic FRC was also halted after its stock fell by 21.5%.
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