Wall Street opens negatively after Fed’s announcement

US stocks opened lower on May 4th following PacWest Bancorp’s announcement that it would explore strategic options, raising concerns about the health of regional banks despite optimism around the Federal Reserve’s indication of a possible pause in rate hikes. The Dow Jones opened down 0.20 percent at 33,347.78 points, while the S&P 500 opened 0.20 percent lower at 4,082.55 points and the Nasdaq fell 0.23 percent to 11,997.34 points. The day before, on May 3rd, the S&P 500 had fallen 0.7 percent, the Dow Jones 0.8 percent, and the Nasdaq 0.46 percent. The news of PacWest Bancorp’s potential bankruptcy added to concerns about the US banking sector.

 

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