Bank stocks posted their second day of steep losses in early trades on Friday as investors feared a cash crunch in the sector on the heels of a liquidity challenge at SVB Financial SIVB, -60.41%. Dow Jones Industrial Average DJIA, -1.07% components JPMorgan Chase & Co. JPM, +2.54% and Goldman Sachs Group Inc. GS, -4.22% fell 1.8% and 3.9% respectively, while the DJIA dropped 0.5%. Bank of America Corp. BAC, -0.88% fell 4.7%, Citigroup Inc. C, -0.53% moved down by 2.4%, Morgan Stanley MS, -2.33% fell by 2.2% and Wells Fargo & Co. WFC, +0.56% dropped 3%. The KBW Bank Index BKX, -3.91% moved lower by 6.5%, while the Financial Select SPDR ETF XLF, -1.82% fell 2.7%. Signature Bank SBNY, -22.87% is down 26% and PNC Financial PNC, -0.51% is lower by 3.4%. SVB Financial is halted. First Republic FRC, -14.84% was also halted after its stock fell by 21.5%.
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