Dow closes down nearly 400 points Friday as bank stocks tumble


U.S. stocks finished lower on Friday as worries about banking-sector stability reemerged. But Friday’s pullback wasn’t large enough to stop both the S&P 500 and Nasdaq Composite from finishing the week in the green, while the Dow was the only major U.S. equity benchmark to finish lower. The S&P 500 SPX, -1.10% shed 43.69 points, or 1.1%, to finish Friday at 3,916.59 according to preliminary closing data, reducing its weekly gain to 1.4%. The Dow Jones Industrial Average DJIA, -1.19% fell by 384.43 points, or 1.2%, to 31,862.12, for a weekly drop of 0.2%. The Nasdaq Composite COMP, -0.74% declined by 86.76 points, or 0.7%, to 11,630.51, but still clinched a weekly gain of 4.4%. The Nasdaq managed to outperform the Dow by 4.6%, its widest weekly outperformance since the week ended March 20, 2020, according to Dow Jones Market Data.

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