: The Dow’s 4 financial stocks are cutting about 170 points off the Dow’s price
Financial stocks continued to drag stock stock market down Friday, as the Dow Jones Industrial Average’s DJIA four financial components contributed about 40% of the index’s selloff. Shares of JPMorgan Chase & Co. JPM gave up 3.7%, insurer Travelers Companies Inc. TRV dropped 3.6%, American Express Co. AXP fell 3.2% and Goldman Sachs Group Inc. GS slid 3.0%. The combined price declines of those stocks reduced the Dow’s price by 170 points, while the Dow fell 439 points, or 1.4%. SVB Financial Group’s SIVBbankruptcy filing on Friday showed that the $30 billion infusion into First Republic BankFRC didn’t mean the crisis in investor confidence was over.
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