Wall Street falls on losses in bank stocks after ECB announces stimulus


(Reuters) – Wall Street fell on Thursday, led by financials stocks, as investors were spooked by the European Central Bank’s (ECB) return to pump-priming loans to stimulate a struggling euro zone economy.

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 4, 2019. REUTERS/Brendan McDermid

The ECB also pushed out the timeline on its first post-crisis rate hike to at least next year, adding to a cocktail of concerns over trade tensions, Brexit and global growth risks, which have weighed on markets over the past year.

U.S. 10-year Treasury yields ticked lower to hit a one-week low at 2.6591 percent. The interest rate sensitive financial sector dropped 1.4 percent, the most among the S&P sectors weighed by a fall in Wall Street’s big lenders.

Bank of America Corp, JPMorgan Chase & Co, Morgan Stanley, Citigroup Inc and Morgan Stanley fell between 0.70 percent and 1.40 percent.

ECB President Mario Draghi also announced cuts to…

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