First Republic, other regional bank stocks sink after failure of Silicon Valley Bank
Publishing timestamp: 2023-03-10 16:12:32
Summary
SVB Financial failed to find a buyer and was shut down by regulators due to a rapid outflow of cash from clients. This caused regional and midsized bank stocks to fall sharply, with the S&P Regional Bank ETF experiencing its worst week since March 2020. While other banks with large bond portfolios could face similar issues, analysts believe that the problems at SVB are unlikely to spread to the broader banking sector.
Sentiment: NEGATIVE
Tickers: SIVB, FRC, PACW, KRE, SBNY,
Keywords: financials, pacwest bancorp, signature bank, first republic bank, spdr s&p regional banking etf, breaking news: markets, markets, business news, svb financial group, banks,