Bank stocks fell sharply on Friday as stronger-than-usual employment numbers spurred a selloff in the bond market and raised fears of rising interest rates.

The Standard & Poor's bank index dropped 3.08% for the shortened trading day - compared with a 2.01% decline for the Dow Jones industrial average and a 2.22% drop for the S&P.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.