Stocks are slipping on Wall Street as worries worsen about the banking industry despite the high-profile lifelines it’s been getting. The S&P 500 was down 0.4% Friday. This week has been a whipsaw for global markets as concerns worsen about banks following the second- and third-largest U.S. bank failures in history. The fear is that banks' troubles caused by fast-rising interest rates could drag the rest of the economy into a recession. Treasury yields sank again Friday in part on such fears. But the S&P 500 is still on pace for a winning week partly because of expectations for easier interest rates.
