Silicon Valley Bank drops another 60% and is halted Friday as it's shut down by regulators
Publishing timestamp: 2023-03-10 16:06:41
Summary
Shares of Silicon Valley Bank (SVB) tumbled for a second day, leading to concerns that more banks would incur heavy losses on their bond portfolios. Regulators shut down the bank and said the FDIC would protect insured deposits. SVB's CEO held a call with clients to calm their fears, but the bank was in talks to sell itself after attempts to raise capital failed. The failure raised fears that more banks would incur heavy losses on their bond portfolios. The SPDR S&P Regional Banking ETF fell another 4% on Friday, and many bank shares were halted repeatedly for volatility.
Sentiment: NEGATIVE
Tickers: SI, JPM, FRC, SBNY, KRE, SIVB, PACW, XLF, BAC,
Keywords: jpmorgan chase & co, spdr s&p regional banking etf, financial select sector spdr fund, bank of america corp, svb financial group, silvergate capital corp, markets, signature bank, breaking news: markets, business news, pacwest bancorp, first republic bank,