Traders work on the floor of the New York Stock Exchange May 25, 2017. — Reuters pic
The S&P banking subsector shed 2.5 per cent, while the broader financial sector dragged on the benchmark S&P 500 with a 2.4 per cent fall. The S&P 500 has recovered about 26 per cent since hitting a three-year low in March, powered by aggressive US monetary and fiscal stimulus and early signs of a potential peaking in US coronavirus cases, but remains about 18 per cent below its mid-February record high amid fears of a deep global recession.
The outbreak could reach its US peak this week, a top health official said on Monday, as the White House considers when and how to lift stay-at-home restrictions.
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