Stocks fell again on Friday after the largest US bank failure in more than a decade raised worries on Wall Street about what's next to break as interest rates keep climbing.
- The Dow fell 345 points, or 1%, to 31,909.
- The S&P 500 fell 56 points, or 1.4%, to 3,861.
- The Nasdaq fell 199 points, or 1.7%, to 11,138.
- For the week, the Dow and the benchmark S&P were down more than 4%, and the tech-heavy Nasdaq was down about 5%, per CNBC.
Some of the market's sharpest drops were again coming from the financial industry, where stocks tanked for a second day, per the AP. Regulators took over Silicon Valley Bank in a surprise midday move after shares of its parent company, SVB Financial, plunged more than 60% this week. The company, which served the industry surrounding startup companies, was trying to raise cash to relieve a crunch. Analysts have said it was in a relatively unique situation, but it's still led to concerns a broader banking crisis could erupt.
Stock losses were heaviest at regional banks. First Republic Bank tumbled 13%. It filed a statement with regulators to reiterate its “strong capital and liquidity positions.” Charles Schwab lost another 9.7% after dropping 12.8% Thursday “as investors stretched for read-throughs” from the SVB crisis, according to analysts at UBS. The analysts called them “logical but superficial” because of differences in how companies get their deposits. Losses were more modest at the biggest banks, which have been stress-tested by regulators following the 2008 financial crisis. Wells Fargo rose 0.4%.
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