Four finance-sector stocks jointly responsible for 170 points of Dow decline


Financial stocks continued to drag stock stock market down Friday, as the Dow Jones Industrial Average’s DJIA, -1.34% four financial components contributed about 40% of the index’s selloff. Shares of JPMorgan Chase & Co. JPM, -3.76% gave up 3.7%, insurer Travelers Companies Inc. TRV, -3.89% dropped 3.6%, American Express Co. AXP, -3.15% fell 3.2% and Goldman Sachs Group Inc. GS, -3.54% slid 3.0%. The combined price declines of those stocks reduced the Dow’s price by 170 points, while the Dow fell 439 points, or 1.4%. SVB Financial Group’s SIVB, bankruptcy filing on Friday showed that the $30 billion infusion into First Republic Bank FRC, -23.67% didn’t mean the crisis in investor confidence was over.

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