U.S. stocks open lower with First Republic leading regional banks lower


U.S. stock indexes opened lower on Friday, giving back some of Thursday’s gains as investors still assessed the health of the banking sector after First Republic Bank was rescued by a group of major U.S. lenders. The Dow Jones Industrial Average DJIA, -1.19% lost 138 points, or 0.4%, to 32,130. The S&P 500 SPX, -1.10% was off 0.2%, while the Nasdaq Composite COMP, -0.74% declined by 0.1%. On Thursday, a group of America’s largest banks including JPMorgan, Citigroup, Bank of America and Wells Fargo agreed to plunk $30 billion of uninsured deposits into First Republic Bank. Shares of First Republic opened 17% lower on Friday after the bank suspended its dividend and disclosed higher borrowing costs eating into its valuation Thursday after hours.

This article was originally published by Marketwatch.com. Read the original article here.

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