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Banks drag down Wall Street stocks
Banks drag down Wall Street stocks

London, March 18 : Sliding bank shares dragged Wall Street down on Monday with investors worried about contagion from the Silicon Valley Bank collapse, but trade was choppy and the Nasdaq composite actually ended higher as some sectors benefited from hopes the Federal Reserve could ease up on interest rates hikes.

Regulators over the weekend stepped in to restore investor confidence in the banking system, saying SVB's depositors will have access to their funds on Monday.  To some investors, the Fed's decision next week will also hinge on inflation data due this week.  "If we get shockingly bad Consumer Price Index and Producer Price Index, the Fed is going to find itself in a tough spot or a much tougher spot that it even finds itself in ahead of those prints," said Orion Advisor Solutions CIO Timothy Holland.  The Dow Jones Industrial Average fell 90.5 points, or 0.28%, to 31,819.14, the S&P 500 lost 5.83 points, or 0.15%, to 3,855.76 and the Nasdaq Composite added 49.96 points, or 0.45%, to 11,188.84.

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