JPMorgan to Goldman Swoon in Worst Two-Day Rout Since Pandemic
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Shares of big US banks plummeted, notching their biggest two-day drop since March 2020, after China escalated its trade war with the US.
Some of Wall Street’s top lenders, Morgan Stanley, Goldman Sachs Group Inc. and Citigroup Inc., all closed more than 7% lower after China retaliated against President Donald Trump’s tariffs with a 34% levy on US goods. The KBW Bank Index tallied a roughly 16% drop over Thursday and Friday, the gauge’s worst two-session plunge since the start of the Covid-19 pandemic.