Pacwest Bancorp also weighed down, down 22.7 percent, after nearly ten percent of the bank’s deposited funds were withdrawn from customers in just one week.
However, the market was pleased that the increase in US producer prices was less in April – 2.3 percent – than economists had predicted. It was also the lowest price increase in just over two.
The Dow Jones Industrial Average retreated 0.7 percent, the broad S&P 500 lost 0.2 percent and the technology-heavy Nasdaq Composite Index rose 0.2 percent.