⚠️BREAKING: *WALL STREET OPENS LOWER AS BANK CONTAGION WORRIES RISE $DIA $SPY $QQQ $IWM
- Wall Street's main indexes fell on Friday as investors fled from risky assets on growing concerns that a contagion in the banking sector had not been fully averted despite assurances from key officials.
Treasury Secretary Janet Yellen said late on Thursday afternoon that measures will be taken to keep Americans' deposits safe, but that did little to ease investor nerves about a liquidity crisis in the banking sector that could limit lending and tip the economy into a severe recession. Yellen's comments had helped stem a late-night slide in stocks in the previous session, as she softened her stance from Wednesday when she had unnerved investors by saying that blanket insurance of all deposits was not being considered. But investor mood turned sour again.
"Certainly global regulators and central banks are trying to ring fence any concerns that people have, but I'm not so sure people are yet quite convinced that there's full stability there," said Brandon Pizzurro, director of public investments at Guidestone Capital Management.
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