NEW YORK — Stocks are back to falling on Wall Street Wednesday as worries worsen about the strength of banks on both sides of the Atlantic.
Wall Street's harsh spotlight has intensified across the banking industry recently on worries about what may crack next following the second- and third-largest bank failures in U.S. history last week. Stocks of U.S. banks tumbled again Wednesday after enjoying a brief, one-day respite on Tuesday. The U.S. government announced a plan late Sunday to protect depositors at Silicon Valley Bank and Signature Bank, which regulators shut on Sunday, in hopes of shoring up confidence in the banking industry. But markets have since swung from fear to calm and back again.
On the other hand, inflation is still high. While taking it easier on interest rates could give more breathing space to banks and the economy, the fear is such a move by the Fed could also give inflation more oxygen. That caused the yield on the two-year Treasury to plummet. It tends to track expectations for the Fed, and it dropped to 3.87% from 4.25% late Tuesday. That's a massive move for the bond market. The two-year yield was above 5% just a week ago, at its highest level since 2007.
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Stocks leap higher on Wall Street, led by beaten down banks: Watch LiveStocks are leaping on Wall Street Tuesday, as some of the most breathtaking moves from a manic Monday reverse course.
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