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US stocks tumble as investors fret over new bout of banking sector volatility

FILE - In this Aug. 12, 2019, photo specialist Peter Mazza works at his post on the floor of the New York Stock Exchange. Stocks of companies that do lots of business with China are obvious targets to sell when trade worries rise, and they’ve lagged sharply behind the rest of the market whenever President Donald Trump sends out a tariff tweet. But investors are also looking way beyond these first-order effects, as they pick out which stocks look most vulnerable to the trade war.Worried trader

Richard Drew/Associated Press

  • US stocks slid on Thursday as investors dealt with fresh volatility in bank shares.
  • All three indexes ended the day lower, with the Dow shedding almost 300 points. 
  • The drop continued yesterday’s losses after the Fed hiked rates another 25 basis-points.

US stocks slid on Thursday as investors fretted over more banking turmoil. 

All three indexes ended the day lower, with the Dow Jones Industrial Average shedding almost 300 points.

Shares of PacWest dropped 50% as confidence continued to waver in the US banking sector. Meanwhile, Western Alliance stock dropped nearly 40% the lender denied a recent report that executives are exploring a possible sale.

The drop in stocks extended yesterday’s losses after the Federal Reserve hiked rates for a 10th time, adding to fears that the economy could be headed for a recession. 

Here’s where US indexes at the 4:00 p.m. closing bell on Thursday: 

Here’s what else is going on: 

In commodities, bonds, and crypto: 

Read the original article on Business Insider