NEW YORK: Shares of U.S. banks dropped on Friday, with Wells Fargo's stock falling more than 6% and Goldman Sachs Group Inc down 7%, after the Federal Reserve capped dividend payments and barred share buybacks until at least the fourth quarter after its annual stress test.
The S&P 500 banks index <.SPXBK> was down more than 5% and the S&P 500 financials index <.SPSY> dropped nearly 4%, making it the biggest drag on the S&P 500 <.SPX> in Friday's broad market selloff.
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