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☆ S&P 500 eclipses 5,000 for the first time—but you'd be smart to ignore the headlines, says CFP
▼ + stars: | 2024-02-09 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

The S&P 500 index closed above 5,000 for the first time on Friday, with investors showing continued optimism about cooling inflation, strong earnings and a resilient economy. Aside from being a big, round number, 5,000 isn't a particularly important threshold for the broad U.S. stock market barometer in and of itself. Financial pros say you'd be wise to avoid making any wholesale changes to your strategy based on short-term moves in the stock market. "Investors in general, but especially younger investors, should ignore the headlines about all-time highs in the S&P 500," says Kevin Brady, a certified financial planner at Wealthspire Advisors in New York City. Because they are not uncommon, meaning all-time highs more often than not lead to further all-time highs in short order."

Persons: we're, Dana D'Auria, Kevin Brady Organizations: CNBC, Wealthspire Advisors Locations: New York City

☆ DCLA's Sarat Sethi: Diversify your portfolio
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDCLA's Sarat Sethi: Diversify your portfolioSarat Sethi, DCLA managing partner and portfolio manager, and Frank Marzano, managing director at Wealthspire Advisors, join 'Power Lunch' to discuss markets and positioning your portfolio in 2024.

Persons: Sarat Sethi, DCLA, Frank Marzano Organizations: Wealthspire Advisors

☆ This tax-smart charitable donation strategy is like 'hitting two birds with one stone,' advisor says
▼ + stars: | 2023-11-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The strategy, known as qualified charitable distributions, or QCDs, allows retirees to transfer money from an individual retirement account to an eligible nonprofit organization. "It's like hitting two birds with one stone," said certified financial planner Sean Lovison, founder of Philadelphia-area Purpose Built Financial Services. If you're age 70½ or older, you can use a QCD to donate up to $100,000 for 2023. How QCDs provide a tax breakSince 2018, there's been a higher standard deduction, which makes it tougher to claim a tax break for charitable gifts. If you're age 73 or older, QCDs can also cover your required minimum distributions, which otherwise would have boosted income, experts say.

Persons: there's, Sean Lovison, Marguerita Cheng, Kevin Brady, aren't, Ольга Носова Organizations: Blue, Global Wealth, CNBC's, Social Security, Wealthspire Advisors Locations: Philadelphia, Gaithersburg , Maryland, New York

☆ Instant view: Cooler October US CPI raises confidence that Fed hikes done
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +8 min

Economists polled by Reuters had forecast the CPI gaining 0.1% on the month and increasing 3.3% on a year-on-year basis. The rally was due to rising investor belief that the Federal Reserve will now be less likely to hike interest rates at future meetings. LINDSAY ROSNER, HEAD OF MULTI-SECTOR FIXED INCOME INVESTING, GOLDMAN SACHS ASSET MANAGEMENT, NEW YORK“Today's Core CPI print was below expectations. "The Fed will not want to step back from its hawkish stance yet; the annual core rate at 4% is still some way away from target. THOMAS HAYES, CHAIRMAN AT HEDGE FUND GREAT HILL CAPITAL, NEW YORK"We're happy to see both headline and core CPI come in lower than expected.

Persons: Hannah Beier, ” BEN JEFFERY, GREG BASSUK, ” “, ” BRIAN JACOBSEN, MENOMONEE, we’ll, ” CHRIS ZACCARELLI, LINDSAY ROSNER, GOLDMAN, ” MATTHEW MISKIN, JOHN, “, ” STUART COLE, Kashkari, Powell, PETER ANDERSEN, ANDERSEN, it's, THOMAS HAYES, OLIVER PURSCHE, It’s, ” Organizations: Reading, REUTERS, Federal Reserve, Labor Department's Bureau of Labor Statistics, Reuters, Treasury, Markets, BMO, Reserve, CPI, ALLIANCE, Fed, Global Finance, Thomson Locations: Philadelphia , Pennsylvania, U.S, WALTHAM, MA, WISCONSIN, CHARLOTTE, GOLDMAN SACHS, JOHN HANCOCK, BOSTON, LONDON

☆ Wall St drops as Treasury yields surge, Powell speaks
▼ + stars: | 2023-10-19 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. The rate-sensitive real estate sector (.SPLRCR) dropped 2.4% and was the day's worst-performing S&P 500 sector. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The labor market is showing strength even though the central bank has raised its benchmark overnight interest rate by 525 basis points since March 2022. The S&P 500 posted 2 new 52-week highs and 37 new lows; the Nasdaq Composite recorded 15 new highs and 370 new lows.

Persons: Tesla, Jerome Powell, Elon Musk, Oliver Pursche, Jay Powell, Powell, Brendan McDermid, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: Netflix, Dow, Nasdaq, Treasury, Wealthspire Advisors, Economic, Dow Jones, New York Stock Exchange, REUTERS, Data, U.S . Labor Department, Netflix Inc, American Airlines, United Airlines, NYSE, Thomson Locations: Westport , Connecticut, New York, U.S, New York City, United States, Britain, France, Bengaluru

☆ Wall St ends down as Treasury yields surge, Powell speaks
▼ + stars: | 2023-10-19 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. The Dow Jones Industrial Average (.DJI) fell 254.24 points, or 0.76%, to 33,410.84. Data this week has pointed to strong consumer demand and a tight labor market. A U.S. Labor Department report on Thursday showed the number of Americans filing new claims for unemployment benefits fell to a nine-month low last week.

Persons: Brendan McDermid, Jerome Powell, Elon Musk, Oliver Pursche, Jay Powell, Powell, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Netflix, Tesla, Treasury, Wealthspire Advisors, Economic, Nasdaq, Dow Jones, U.S . Labor Department, Thomson Locations: New York City, U.S, Westport , Connecticut, New York, United States, Britain, France, Bengaluru

S&P 500 (.SPX) companies overall are expected to have increased earnings by 1.3% from a year ago, according to LSEG IBES. After a rough September for stocks, "we need some good news" from earnings season, said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management. Inflation dampened company earnings in the first half, after consumer prices surged in 2022 to their highest levels in decades. Investors will also scrutinize company fourth-quarter outlooks, with S&P 500 earnings for the fourth quarter currently expected to rise 10.8% from a year earlier. One clue could come from the consumer discretionary sector (.SPLRCD), where earnings are expected to have jumped by 23.1% from the year-ago period.

Persons: Brendan McDermid, LSEG, Matthew Miskin, You've, you've, Miskin, Rick Meckler, John Hancock, J.P, Morgan Chase, James Ragan, Davidson, Ragan, ”, Oliver Pursche, Caroline Valetkevitch, Lewis Krauskopf, Megan Davies, Ira Iosebashvili, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, John Hancock Investment Management, Cherry, Investments, Reuters Graphics Reuters, Federal Reserve, Treasury, Delta Air Lines, PepsiCo, UnitedHealth, Wealthspire Advisors, Thomson Locations: New York City, U.S, Westport , Connecticut

☆ Nasdaq leads Wall St rebound after weaker-than-expected data
▼ + stars: | 2023-10-04 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Consumer discretionary (.SPLRCD) rose 2%, leading S&P 500 sectors higher, followed by communication services (.SPLRCL) and technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs. The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer. Recent weakness had brought the S&P 500 near its 200-day moving average, currently at around 4,203. S&P 500 company earnings are expected to have risen 1.6% year-over-year for the quarter, according to LSEG data. The S&P 500 posted one new 52-week high and 40 new lows; the Nasdaq Composite recorded 18 new highs and 398 new lows.

Persons: Oliver Pursche, Brendan McDermid, decliners, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, Richard Chang Organizations: Companies, ADP, Dow, Nasdaq, Consumer, Treasury, Federal, Wealthspire Advisors, U.S, New York Stock Exchange, REUTERS, Dow Jones, Ford, NYSE, Thomson Locations: Westport , Connecticut, New York City, U.S, New York, Bengaluru

☆ Wall St ends up after recent weakness; consumer discretionary gains
▼ + stars: | 2023-10-04 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. Consumer discretionary (.SPLRCD) led S&P 500 sectors higher, followed by technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs. The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer. Recent weakness had brought the S&P 500 near the 4,200 level, seen as the index's next level of support. According to preliminary data, the S&P 500 (.SPX) gained 34.17 points, or 0.81%, to end at 4,263.62 points, while the Nasdaq Composite (.IXIC) gained 172.95 points, or 1.32%, to 13,236.01.

Persons: Brendan McDermid, Oliver Pursche, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, Richard Chang Organizations: New York Stock Exchange, REUTERS, Companies, ADP, Major U.S, Consumer, Treasury, Federal, Wealthspire Advisors, U.S, Nasdaq, Dow Jones, Ford, Thomson Locations: New York City, U.S, Major, Westport , Connecticut, New York, Bengaluru

☆ These safe assets offer yields exceeding 5%. Why investors shouldn’t lean too heavily on them
▼ + stars: | 2023-09-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The Fed's rate-hiking campaign gave investors an opportunity they haven't seen in years: Risk-free returns are finally interesting. Six-month Treasurys are yielding 5.5%, while a bevy of money market funds are offering 7-day yields exceeding 5%, according to Crane Data . However, at some point, rates will come down — and investors hiding in short-term, high-yielding assets could find themselves with no place to go. That means investors could be left with few places to go for attractive yields in a lower rate environment as their shorter-term assets mature — known as reinvestment risk. The benefit of laddering when rates are high is that the longer-dated bonds will have already locked in the higher yields.

Persons: There's, we've, Crystal Cox, Matthew McKay, McKay, Jerrod Pearce, Pearce, Wealthspire's Cox Organizations: Federal Reserve, Data, Wealthspire Advisors, Briaud Financial, CFP, Creative Planning

☆ Here are 3 costly financial surprises for first-time homebuyers — and how to prepare for them
▼ + stars: | 2023-09-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Jonathan Ernst | ReutersWith record-high home prices and soaring mortgage interest rates, homeownership has become increasingly unaffordable — and hidden costs can surprise first-time buyers, experts say. Here are three of the most common surprise homeownership expenses and how to prepare for each one, according to experts. Property taxesAs a first-time homebuyer, it's easy to overlook property taxes since you've never paid those levies directly. Home maintenanceThe cost of home repairs and maintenance can also be a hidden expense for first-time homebuyers. As a first-time homebuyer, you need to make sure you have a sufficient cushion for surprises — I'd argue 5% of the home's purchase price at least.

Persons: Jonathan Ernst, homeownership, Vince Darling, you've, Richard Auxier, Kevin Brady, — I'd, Nicole Sullivan Organizations: Reuters, Stonebridge, Urban, Brookings Tax, Wealthspire Advisors, Prism Planning Locations: Alexandria , Virginia, Zillow, Forest Lake , Minnesota, New York

☆ Wall Street gains, dollar softens as weak data signals Fed pause
▼ + stars: | 2023-08-30 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Weak economic data could be good news for interest rates, as it could give the Federal Reserve a rationale for letting key interest rates stand at next month's monetary policy meeting. GDPFinancial markets have currently priced in a 88.5% likelihood of a September Fed pause, according to CME's FedWatch tool. Emerging market stocks rose 0.11%. The greenback extended its losses, touching a two-week low against a basket of world currencies in the wake of disappointing economic data. Crude prices edged higher as industry data showed tighter-than-expected supply as investors digested Hurricane Idalia's potential effect on demand.

Persons: Jason Reed, Dow, Oliver Pursche, Thomas Martin, Martin, Sterling, Brent, Stephen Culp, Sharon Singleton, Nick Zieminski, Josie Kao Organizations: U.S . Federal, REUTERS, Federal Reserve, Nasdaq, Federal, Wealthspire Advisors, Dow Jones, Japan's Nikkei, Treasury, U.S ., Thomson Locations: Washington, New York, Atlanta, Asia, Pacific, Japan, U.S

☆ Despite interest rate hikes, nearly 70% of middle-income Americans haven't switched to higher-yield savings
▼ + stars: | 2023-07-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Andresr | E+ | Getty ImagesAfter years of low interest payouts, savings accounts now are paying higher yields, after a series of interest rate hikes from the Federal Reserve. Despite inflation concerns, nearly 70% of middle-income Americans haven’t moved savings to higher-yielding accounts, according to a new survey from Santander. Meanwhile, the top 1% of savings accounts were paying above 4.5%, as of July 25, according to DepositAccounts, compared to a 0.42% average for traditional banks. "For many of them, the juice just isn't worth the squeeze," said Dallas-based CFP Brandon Gibson, wealth manager at Gibson Wealth Management. Brandon Gibson Wealth manager at Gibson Wealth Management

Persons: Kevin Brady, Brandon Gibson, There's Organizations: Federal Reserve, U.S . Bureau of Labor Statistics, Wealthspire Advisors, Gibson Wealth Management, Brandon Gibson Wealth, Gibson Wealth Locations: Santander, New York, Dallas

☆ Forecasts show U.S. earnings decline in second quarter
▼ + stars: | 2023-06-23 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Analysts expect earnings for S&P 500 companies to fall 5.6% in the second quarter from a year ago, according to IBES data from Refinitiv. Fourth-quarter 2022 earnings for S&P 500 companies declined 3.2%, so a first-quarter profit fall would have been a second straight quarterly decline, which some strategists call an earnings recession. Package delivery firm FedEx (FDX.N) this week posted disappointing quarterly earnings and said waning global demand is pressuring its profit margins. "S&P 500 EPS estimates and stock prices will need to reset lower." The S&P 500 (.SPX) is down about 1% this week, but remains up more than 13% for the year to date.

Persons: COVID, Jerome Powell, Oliver Pursche, Olive, Morgan Stanley, Nick Raich, Caroline Valetkevitch, Alden Bentley, Nick Zieminski Organizations: YORK, Microsoft Corp, Apple Inc, Reserve, Bank of England, Wealthspire Advisors, Walmart Inc, FedEx, Olive Garden, Darden, Nike, Thomson Locations: Refinitiv, Washington, U.S, Westport , Connecticut

☆ Your 401(k) match is 'free money'—but you might not be able to take it with you when you leave
▼ + stars: | 2023-06-23 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Here's what she and other financial pros say you should know about your 401(k) match. How a 401(k) match worksFirst, a quick reminder of how 401(k) matches work and why financial planners love them so much. "I would invest enough to get the company match first, before paying off high interest rate loans," says Jeremy Finger, a CFP and founder of Riverbend Wealth Management. What is a 401(k) vesting schedule? Any 401(k) match you receive from your employer likely comes with some strings attached.

Persons: Kevin Brady, Catherine Valega, Jeremy Finger, they've, you'll Organizations: Wealthspire Advisors, CNBC, Green Bee, Riverbend Wealth Management, Employers Locations: New York City, Winchester , Massachusetts

☆ 6 in 10 Americans aren't saving for retirement—here's where to get started
▼ + stars: | 2023-06-06 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

If you're among the cohort lacking a retirement account, just about every financial planner would tell you to get started as soon as possible. There are plenty of different ways to invest out there, including workplace retirement accounts, individual retirement accounts, accounts designed for medical expenses and regular old brokerage accounts. Still, there are some general guidelines that financial pros typically prescribe when it comes to where you park your retirement savings. Priority 3: Get triple tax savings with an HSANot every retirement saver can invest using a health savings account. Like a traditional 401(k), money you contribute to an HSA counts against your taxable income.

Persons: Christopher Lyman, Kevin Brady, Roth, you've, Amy Miller Organizations: Financial Advisors, Wealthspire Advisors Locations: Newtown , Pennsylvania, New York City, West Hartford , Connecticut

☆ VIEW US payrolls rise more than expected in May
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +5 min

Nonfarm payrolls increased by 339,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. "This low wage inflation number is very good news for those of us who believe the Fed should pause." "The unemployment rate surprisingly moved from 3.4% to 3.7%. "We've seen some earnings warnings, there's a big lag in monetary policy, and we saw the unemployment rate tick up to 3.7%. Makes you wonder, is there going to be a rise in the (labor market) participation rate.

Persons: KIM FORREST, PETER CARDILLO, RILEY, we've, they're, We've, OLIVER PURSCHE, There's Organizations: YORK, Federal Reserve, Labor Department, Treasury, HOGAN, Fed, NEW, Global Finance, Markets, Thomson Locations: PITTSBURGH

☆ Stocked up on short-term T-bills? Here’s why it might be time to buy longer-term bonds
▼ + stars: | 2023-05-26 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Short-term Treasury bills have garnered investors' attention as yields pop amid the Federal Reserve's rate hiking campaign and debt ceiling tensions in Washington. This doesn't necessarily mean it's time to cut bait on your short-term bond holdings, however. Issues with longer duration are likely to see greater price fluctuation in response to changes in interest rates. The inverted yield curve also resulted in higher yields for short-term issues, but sharp price declines. Some investors built ladders — that is, a portfolio of bonds with different maturities — to take advantage of those higher yields.

Persons: Paul Olmsted, Bonds, Olmsted, we've, Brenna McLoughlin, Kevin Brady, Callie Cox, Cox Organizations: Morningstar, Treasury, Wealthstream Advisors, Wealthspire Advisors Locations: Washington

☆ Wall Street wavers, Treasury yields gain as debt ceiling debate plods on
▼ + stars: | 2023-05-15 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

[1/2] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 11, 2023. European stocks pared initial gains and were last nominally higher as investors eyed ongoing U.S. debt ceiling negotiations and Turkey's impending election runoff. The pan-European STOXX 600 index (.STOXX) rose 0.12% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.14%. Emerging market stocks rose 0.39%. Gold edged higher in opposition to the weakening dollar as the debt ceiling standoff wore on.

☆ Here's how much emergency savings you need amid economic uncertainty, according to financial advisors
▼ + stars: | 2023-05-15 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Nirunya Juntoomma | Istock | Getty ImagesAn emergency fund is a key piece of your financial plan, especially amid economic uncertainty. But the right amount of cash depends on your household and occupation, according to financial experts. Most Americans aren't prepared for a financial emergency, according to a recent CNBC/Momentive survey of more than 4,000 U.S. adults. "Rules of thumb overlook a number of important factors," said certified financial planner Andy Baxley at The Planning Center in Chicago. However, a one-income household with "highly variable pay" may aim for nine months of emergency savings, he said.

☆ 3 smart ways to prepare for next year’s taxes now
▼ + stars: | 2023-04-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

FatCamera | E+ | Getty ImagesIf you had a surprise tax bill this season, it's not too soon to prepare for next year, financial experts say. Typically, a refund comes when you've overpaid throughout the year, whereas you get a tax bill for not having paid enough. Check your withholdingsIf you owed more taxes than expected for 2022, you may revisit your paycheck withholdings for 2023 and make the necessary adjustments. "A simple calculation would be dividing the extra tax paid in 2022 by the number of remaining paychecks in 2023," he said. If you have three types of accounts — brokerage, tax-deferred and tax-free — you can be strategic about where to keep assets.

☆ Wall Street ends mixed with inflation data, earnings on tap
▼ + stars: | 2023-04-10 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The bellwether S&P 500 ended the session nominally higher. Of the 11 major sectors of the S&P 500, six ended the session higher, led by industrials (.SPLRCI). "When the Fed repeats time after time what their priorities are and what they’re going to do, they’re going to do it." As of Friday, analysts expected aggregate S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the quarter, according to Refinitiv. The S&P 500 posted 2 new 52-week highs and no new lows; the Nasdaq Composite recorded 50 new highs and 155 new lows.

☆ Wall St fluctuates as investors weigh jobs report, earnings on tap
▼ + stars: | 2023-04-10 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"There’s clearly a disconnect between what the Fed is telling us they’re going to do and what the market believes the Fed is going to do," Pursche added. "When the Fed repeats time after time what their priorities are and what they’re going to do, they’re going to do it." As of Friday, analysts now expect aggregate S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the quarter, according to Refinitiv. Among the 11 major sectors of the S&P 500, communication services (.SPLRCL) and technology (.SPLRCT) suffered the largest percentage losses. The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 41 new highs and 131 new lows.

☆ Wall Street ends green on bank bounce as Fed takes focus
▼ + stars: | 2023-03-21 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

Still, despite its recent resurgence, the S&P Banks index has lost more than 18% of its value just this month. "The Fed will raise interest rates by 25 basis points and the market won't care," Pursche added. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 20, 2023. The S&P 500 posted 5 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 48 new highs and 114 new lows. Volume on U.S. exchanges was 11.75 billion shares, compared with the 12.63 billion average over the last 20 trading days.

☆ Wall Street ends sharply lower on bank contagion fears
▼ + stars: | 2023-03-17 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

For the week, while the benchmark S&P 500 ended higher than last Friday's close, the Nasdaq and the Dow posted weekly declines. "(The sell-off) is a bit of an overreaction," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York. Those concerns have spread to Europe, as Credit Suisse (CSGN.S) shares stumbled over liquidity worries, prompting policymakers to scramble to reassure markets. First Republic Bank (FRC.N) plunged after the bank announced it was suspending its dividend, reversing Thursday's surge that was sparked by an unprecedented $30 billion rescue package from large financial institutions. First Republic's peers, PacWest Bancorp (PACW.O) and Western Alliance (WAL.N), both ended the session sharply lower.

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