Bank stocks tumbled on worries about what’s next to break, following the second- and third-largest bank failures in U.S. history.
But many other stocks rose Monday on hopes the bloodletting will force the Federal Reserve to take it easier on the hikes to interest rates that are shaking Wall Street and the economy.
The S&P 500 fell 0.2% after clawing back most of an early drop of 1.4%. The Dow Jones Industrial Average fell and the Nasdaq rose. Treasury yields plunged as investors scrambled for safety and expectations built for the Fed to ease up on rate hikes.
On Monday:
The S&P 500 fell 5.83 points, or 0.2%, to 3,855.76.
The Dow Jones Industrial Average fell 90.50 points, or 0.3%, to 31,819.14.
The Nasdaq composite rose 49.96 points, or 0.4%, to 11,188.84.
The Russell 2000 index of smaller companies fell 28.40 points, or 1.6%, to 1,744.30
For the year:
The S&P 500 is up 16.26 points, or 0.4%.
The Dow is down 1,328.11 points, or 4%.
The Nasdaq is up 722.36 points, or 6.9%.
The Russell 2000 is down 16.94 points, or 1%
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