Stocks Decline Amid Archegos Fallout Speculation: Markets Wrap
- Dow Jones Industrial Average lifted by rally in Boeing shares
- Forced liquidation linked to Archegos Capital Management
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U.S. stocks dropped from record highs as investors weighed the potential fallout from forced block sales on the rest of Wall Street. Oil rose and Treasury yields climbed higher.
The financials sector weighed on the benchmark S&P 500 for much of the day following revelations that banks including Goldman Sachs Group Inc. and Morgan Stanley liquidated holdings in Bill Hwang’s family office Archegos Capital Management on Friday after he failed to meet margin calls. Boeing Co. lifted the Dow Jones Industrial Average to another all-time high after the aircraft maker announced a large order. The Nasdaq Composite finished in the red.