US Stocks fall on profit taking

The US stock market finished session steep lower on Friday, 17 March 2023, as profit booking pressure resumed across the board, with financial stocks leading losses amid lingering concerns over the state of the U.S. banking sector.

At the close of trade, the Dow Jones Industrial Average index declined 384.57 points, or 1.19%, to 31,861.98. The S&P500 index fell 43.64 points, or 1.1%, to 3,916.64. The tech-heavy Nasdaq Composite Index decreased 86.76 points, or 0.74%, to 11,630.51.

For the week, the Nasdaq soared by 4.4% and the S&P 500 jumped by 1.4%, but the narrower Dow edged down by 0.2%.

 

Banking stocks pulled back sharply after rebounding in the previous session, with First Republic sliding nearly 33% and shares of Credit Suisse closing down nearly 7% as some traders looked to cash in on Thursday's rally amid lingering concerns about turmoil in the financial sector.

ECONOMIC NEWS: The Fed released a report showing U.S. industrial production was unexpectedly unchanged in February following a revised 0.3% increase in January.

A separate report from the University of Michigan showed consumer sentiment index slid to 63.4 in March from 67.0 in February.

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