(Bloomberg) — A rally in stocks faded as banks dragged down the broader market despite gains in tech shares. Bitcoin slumped after a news report that federal investigators are probing cryptocurrency firm Tether.
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The S&P 500 closed little changed after climbing almost 1%. Banks got hit as New York Community Bancorp tumbled 8.3% on a weaker outlook. Goldman Sachs Group Inc. dropped 2.3% and JPMorgan Chase & Co. lost 1.2%. Crypto shares sank as the Wall Street Journal said the US is investigating Tether for possible violations of sanctions and anti-money-laundering rules. A gauge of the “Magnificent Seven” megacaps notched its best back-to-back jump since February. Treasuries wrapped up a tumultuous week with small moves as caution prevailed ahead of key events.
As the earnings season rolled in, traders also braced for the US presidential election and key economic data — including next week’s jobs report…
