Wall Street fell for the fourth straight session on Thursday, weighed down by fi...
- Wall Street fell for the fourth straight session on Thursday, weighed down by financial and technology stocks, as investors were spooked by the European Central Bank’s return to pump-priming loans to stimulate a struggling euro zone economy.
U.S. 10-year Treasury yields ticked lower to hit a one-week low at 2.6465 percent. The interest rate sensitive financial sector dropped 1.21 percent, the most among the S&P sectors weighed by a fall in Wall Street’s big lenders. “ECB is saying we need to prop up the economy by offering cheaper loans and that can only happen when you have a problem with the economy, when the economy is slowing,” Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
“Tech stocks are high-beta and as a result they tend to lead the markets and today happens to be one of the lower days,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
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