Four biggest US banks lose $52 BILLION in valuation and Dow drops 540 points
S&P 500 bank index fell more than 6% on Thursday in sharpest drop in two years
Investors fled the financial industry following turmoil at SVB Financial Group
Markets dropped more broadly as well with the Dow losing 540 points
Sharp losses in banking stocks led Wall Street's main indexes lower on Thursday, as turmoil at Silicon Valley Bank's parent company triggered investor fears about the stability of the financial sector.
The S&P 500 bank index tumbled more than 6% in its biggest one-day drop in over two years, after SVB Financial Group announced a massive equity raise to cover a $1.8 billion loss on the sale of investments.
The four largest US banks -- JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup -- saw their share prices plunge between 4% and 6%, wiping $52.3 billion from their collective market capitalizations for the day.
Stocks fell broadly on Wall Street, with the Dow Jones Industrial Average dropping 543 points, or 1.66%. The S&P 500 lost 1.85% and the Nasdaq composite was down 2.05%.
Shares of SVB Financial, which owns Silicon Valley Bank, plunged more than 60% after the company announced a sale of new shares to cover losses on the sale of government bonds.
https://www.wsj.com/livecoverage/st...-billion-in-market-value-8fmAmiqs4PDb1F60OSFg
S&P 500 bank index fell more than 6% on Thursday in sharpest drop in two years
Investors fled the financial industry following turmoil at SVB Financial Group
Markets dropped more broadly as well with the Dow losing 540 points
Sharp losses in banking stocks led Wall Street's main indexes lower on Thursday, as turmoil at Silicon Valley Bank's parent company triggered investor fears about the stability of the financial sector.
The S&P 500 bank index tumbled more than 6% in its biggest one-day drop in over two years, after SVB Financial Group announced a massive equity raise to cover a $1.8 billion loss on the sale of investments.
The four largest US banks -- JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup -- saw their share prices plunge between 4% and 6%, wiping $52.3 billion from their collective market capitalizations for the day.
Stocks fell broadly on Wall Street, with the Dow Jones Industrial Average dropping 543 points, or 1.66%. The S&P 500 lost 1.85% and the Nasdaq composite was down 2.05%.
Shares of SVB Financial, which owns Silicon Valley Bank, plunged more than 60% after the company announced a sale of new shares to cover losses on the sale of government bonds.
https://www.wsj.com/livecoverage/st...-billion-in-market-value-8fmAmiqs4PDb1F60OSFg
