Growth worries, rate hike uncertainty pull Wall Street down | Reuters - 0 views
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U.S. stocks dropped on Monday as concern over global growth hit banks and other economically sensitive shares, although a late rally in energy shares left the market well above its lows of the day.
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European banks led a global selloff in financial stocks as signs of stress in the sector mounted. Uncertainty over whether the Federal Reserve would raise rates this year also dragged down U.S. bank stocks, pushing the S&P financial index .SPSY down 2.6 percent.
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"Investors' attitudes seem to be worsening relative to the likelihood of a global recession. I think that's what financials are reflecting – that their net interest margins are going to be further compressed under collapsing bond yields," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
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