Stocks fall as worries about banks, possible recession flare

Wall Street’s week of turmoil is closing with sharp drops for stocks. The S&P 500 was 1.3% lower Friday. The Dow Jones Industrial Average and Nasdaq composite were also lower. This week has been a whipsaw for global markets as concerns worsen about banks following the second- and third-largest U.S. bank failures in history. The fear is that the trouble for banks caused by fast-rising interest rates could drag the rest of the economy into a recession. Treasury yields sank again Friday in part on such fears, along with easing inflation expectations and falling confidence among U.S. households.