NEW YORK—A whipsaw week for Wall Street closed with drops for stocks Friday as worries worsened about the banking industry and fears rose that it could drag the economy into a recession.
The S&P 500 sank 1.1 percent, cutting into its gain for the week. The Dow Jones Industrial Average lost 384 points, or 1.2 percent, while the Nasdaq composite fell 0.7 percent.
Markets around the world churned this past week as worries rose following the second- and third-largest U.S. bank failures in history. Just a day earlier, markets rallied in relief after two banks in investors’ crosshairs bolstered their cash holdings….