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US stocks whiplashed as banks drop on earnings results and bond yields surge

Sumary of US stocks whiplashed as banks drop on earnings results and bond yields surge:

  • The weak sales last month came amid the Omicron surge, rising inflation, and an earlier-than-usual holiday shopping season due to logistical concerns.
  • ET close on Friday: Banks kicked off earnings season on Friday, resulting in a 6% and 2% stock price drops for JPMorgan, and Citigroup, respectively.
  • Rio de Janeiro’s mayor is following the lead of Miami’s bitcoin-loving Francisco Suarez and will invest 1% of the city’s reserves in the cryptocurrency.

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