US stocks rally spreads as banks and bitcoin take a hit

A rally in stocks faded as banks dragged the broader market despite gains in tech stocks. Bitcoin tumbled after news that federal investigators are looking into cryptocurrency firm Tether.

S&The P 500 was little changed after climbing nearly 1%. Banks were hit as New York Community Bancorp fell 8.3% on a weaker outlook. Goldman Sachs fell 2.3% and JPMorgan Chase & co. lost 1.2 percent. Crypto stocks sank as Wall Street Journal said the US is investigating Tether for possible violations of sanctions and anti-money laundering rules. A “Magnificent Seven” megacap indicator posted its best back-to-back jump since February. Treasuries ended a tumultuous week with little movement as caution prevailed ahead of key events.

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