Banks, insurers among gainers; card & payments, crypto stocks in losers: week's financials wrap
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Wall Street ended the week lower as tech stocks dragged the S&P 500 down 2.59%, driven by valuation concerns and interest rate anxiety. Conversely, financials rallied; banks and insurance stocks gained significantly as investors shifted to defensive assets. Major banks like Wells Fargo and Citigroup rose, while credit card firms and crypto stocks declined amid stablecoin competition and Bitcoin's drop below $60K.
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