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Rich Asplund

Stock Indexes Fall as Regional Bank Stocks Plunge

Nasdaq SP US Federal Reserve United States Christopher Waller Nvidia Tom Barkin Zions Bancorp Semiconductor Apple

The S&P 500 Index ($SPX) (SPY) on Thursday closed down -0.63%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.65%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.36%.  December E-mini S&P futures (ESZ25) fell -0.68%, and December E-mini Nasdaq futures (NQZ25) fell -0.41%.

Stock indexes gave up an early advance on Thursday and retreated after regional bank stocks tumbled due to concerns about credit quality, which fueled long liquidation and risk-off sentiment in the stock market.  Zions Bancorp sank by more than 13% and Western Alliance Bancorp dropped by more than 10% to drag regional bank stocks lower after they disclosed problems with loans involving allegations of fraud. 

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