Wall Street Falls as Bank Contagion Fears Flare Up

Wall Street Falls as Bank Contagion Fears Flare Up
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on March 23, 2023. Brendan McDermid/Reuters
Reuters
Updated:

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.