The Dow Jones Industrial Average falls 0.12%, the S&P 500 loses 0.16%, and the Nasdaq Composite drops 0.45% on Tuesday, March 28.
While the testimony suggested that the bank’s problems may be isolated, it turned investors’ focus right back to worries about interest rate hikes, according to Irene Tunkel, chief US equity strategist at BCA Research.
“Barr’s reassured the market that the Fed hasn’t broken anything, which means rates can be higher,” Tunkel said. US Treasuries benchmark 10-year yields advanced on Tuesday but pared gains after the Treasury Department saw solid demand for an auction of 5-year notes and investors were cautiously optimistic bank system stress could be contained.
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