Stocks See Biggest Drop Since September

Dow falls 237
By Newser Editors and Wire Services
Posted Mar 21, 2017 3:07 PM CDT
Stocks See Biggest Drop Since September
Trader Patrick Casey, right, works on the floor of the New York Stock Exchange, Monday, March 20, 2017.   (AP Photo/Richard Drew)

US stocks had their biggest drop in six months, led by declines in banks, the AP reports. Financial companies, which soared in the months since the US presidential election, fell sharply Tuesday. Bank of America sank 5.8%, while JPMorgan Chase and Wells Fargo each lost about 3%. A drop in bond yields helped push financial stocks lower. Lower yields mean lower interest rates on mortgages and other kinds of loans. Industrial companies and transportation stocks also fell. United Continental dropped 3.3%. The Standard & Poor's 500 index lost 29 points, or 1.2%, to 2,344. The Dow Jones industrial average fell 237 points, or 1.1%, to 20,668. The Nasdaq composite dropped 107 points, or 1.8%, to 5,793. Small-company stocks fell more than the rest of the market. (More Dow Jones stories.)

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