All three major Wall Street benchmarks finished lower in a broad sell-off after the downgrading of several lenders by credit rating agency Moody's reignited fears about the health of US banks and the economy
Jason Pride, chief of investment strategy and research at Glenmede, noted that Moody's downgrades, as well as the notice given to larger banks about possible future action, were a public statement about the agency's concerns for the health of the banking system, and how it affects the wider economy.
"I think it's a big deal in the bigger picture of how the economy operates, because regional banks' lending is one of the main lubricants of the economy," he said.Reaction to the bank downgrades pushed up the CBOE Market Volatility index
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