#Breaking: #US #bank #stocks sink to all-time low against S&P 500

US bank stocks sink to all-time low against S&P 500

US bank stocks have fallen to an all-time low compared with the blue-chip S&P 500 index, as demand for big-name technology stocks and the fallout from the banking crisis in March deter investors. The relative performance of the S&P 500 banks index compared with the broader benchmark is at its weakest since the bank-specific measure began in 1989. This year the industry impact of the failure of Silicon Valley Bank and of other smaller lenders has more than offset any upside from higher interest rates. It shows also how banks have failed to recover ground lost following the 2008 financial crisis when waves of new regulation hit returns already squeezed by super-loose monetary policy. Lenders are now also facing further regulations under the so-called Basel III capital rules, which JPMorgan boss Jamie Dimon in September warned risked making bank stocks uninvestable.

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