Bank Stocks Unravel in Worst Rout Since 2020
- Banks sink 9.2% in April, set for worst month since March 2020
- Earnings have failed to support shares amid recession fears
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The combination of higher inflation and higher rates has caught up with bank stocks, now on course for their worst monthly performance in more than two years.
The S&P 500 Banks Index has fallen 9.2% in April, on track for its biggest one-month drop since March 2020, erasing about $120 billion in market value.