Tag: Wells Fargo

NEW YORK: US stocks closed lower Tuesday, pulled down by fresh concerns over the US banking sector, stronger than expected economic data and worries over the health of the Chinese economy.Major US banks including JPMorgan Chase, Wells Fargo and Bank of America ended the day down by more than two percent after an analyst at ratings agency Fitch warned of the risks of a downgrade on the American banking industry.A downgrade "would recalibrate all our financial measures and would probably translate into negative rating actions" for banks, Fitch...