Exchange-traded funds that buy bank stocks slumped Tuesday in the wake of First Republic Bank’s failure, with the SPDR S&P Regional Banking ETF booking its worst performance since the banking-sector turmoil began in mid-March.
The SPDR S&P Regional Banking ETF KRE closed 6.3% lower Tuesday, its biggest drop since plunging 12.3% on March 13, the day after the U.S. government intervened to shore up confidence in the banking sector following the collapse of Silicon Valley Bank and Signature Bank, according to FactSet data.
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