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Shares of banks and other financial institutions fell as hopes for market stability faded in the face of aggressive moves from global central banks.
The inversion of the yield curve and fears about rising interest rates could trump seasonal strength at the year end for the stock market, said one strategist.
“Next week becomes really key because if we’re going to have a Santa Claus rally, we sure need him to show up on Monday morning,” said JJ Kinahan, chief executive of IG North America.
Options expiration likely exacerbated volatility on Friday, said Mr. Kinahan.
Goldman Sachs Group slipped after the bank divulged plans to lay off several thousand employees as deal-making activity on Wall Street languishes, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
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