Wall Street ends sharply lower, posts weekly losses; Mideast fears increase
economictimes.indiatimes.cominterest rate hikes and the Israel-Hamas conflict spreading.
The S&P 500 and Nasdaq fell more than 1% each. All of the S&P 500 index's 11 sectors ended lower in broad-based selling, with technology and financials among the biggest drags.
Israel leveled a northern Gaza district as its conflict with Hamas intensified.
The latest outbreak of violence began Oct. 7 with attacks by Hamas militants.
«Geopolitically, with the weekend, investors are going to be cautious and taking money off of the table,» said Alan Lancz, president of Alan B.
Lancz & Associates Inc, an investment advisory firm in Toledo, Ohio.
The S&P 500 financial index was down 1.6% while the KBW regional banking index fell 3.5%. Shares of Regions Financial slid 12.4% after its profit missed analysts' average estimate.
«That whole sector is under a cloud, with higher rates.
We might not have that soft landing and that's going to hurt,» Lancz said.
The benchmark 10-year Treasury yield eased on Friday, a day after crossing 5% for the first time since July 2007 in the wake of comments by Federal Reserve Chair Jerome Powell. He said the U.S.
