First Republic's Dividend Suspension Triggers Stock Market Sell-Off

The Dow Jones Industrial Average fell by 1.19% as investors pulled back from positions in First Republic and other bank shares amid lingering concerns over the state of the U.S. banking sector. Despite the down session, the S&P 500 advanced 1.43% this week, and the Nasdaq Composite gained 4.41% as investors bet on technology and other growth names ahead of next week’s Federal Reserve policy meeting. Bank stocks have been closely followed by investors in recent days amid fears that others could face the same fate as Silicon Valley Bank and Signature Bank, which were both closed within the last week.