Stocks Drop the Most in a Week; Dollar Strengthens: Markets Wrap
- Treasury 10-year yields finish the week lower; crude oil falls
- Wells Fargo drags down sector as big banks turn negative
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U.S. stocks fell by the most in more than a week after Wells Fargo & Co. dragged down the banking sector in the wake of disappointing fourth-quarter results. Crude oil declined from a 10-month high as the dollar strengthened.
The energy and financial sectors led the S&P 500 into the red for a second day, with Exxon Mobil Corp. dropping 4.8% after a report said the company is being investigated for overvaluing assets. Utilities and real estate shares rose. Stocks were already lower in Europe and Asia as President-elect Joe Biden’s much-anticipated $1.9 trillion Covid-19 relief plan came under scrutiny. Treasury yields declined.