Mar 21, 2017

Stocks hammered: best streak in 50 years under threat

Richard Drew/AP

The S&P 500 hasn't had a 1% decline in 64 trading days, a 50-year record. But the market is threatening to break that streak, with index down as much as 1.3% during trading Tuesday. The losses began shortly after Paul Ryan's morning press conference, suggesting some traders are spooked by reports of Republican disunity on the healthcare issueβ€”a dynamic that may threaten planned tax cuts and regulatory reform.

Financials' bad day: The worst performing sector Tuesday has been financial services: Bank of America is down 5.8%, and JPMorgan Chase down 2.6%. Financial services stocks previously ruled the Trump rally, on hopes that Dodd-Frank reform would boost profits.

Go deeper

Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 β€” while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 8 hours ago - Health

Axios Dashboard

Keep up with breaking news throughout the day β€” sign up for our alerts.

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.