Dow futures jump 250 points as regulators announce backstop of SVB depositors: Live updates
Publishing timestamp: 2023-03-12 20:01:09
Summary
Regulators have announced a plan to backstop all depositors in failed Silicon Valley Bank and make additional funding available for other banks, causing stock futures to jump. The Federal Reserve is also creating a new Bank Term Funding Program aimed at safeguarding deposits. The collapse of Silicon Valley Bank has raised concerns about other banks facing similar risks, and investors are being advised to focus on companies with strong balance sheets and free cash flow. The failure of Silicon Valley Bank could lead the Federal Reserve to wrap up its rate hiking campaign sooner than expected.
Sentiment: MIXED
Tickers: SBNY, SIVB, ETH.CM=, PNC, BTC.CM=,
Keywords: business news, markets, svb financial group, united states, breaking news: major, stock markets, breaking news: markets, economic events, investment strategy,
Source: https://www.cnbc.com/2023/03/12/stock-market-futures-open-to-close-news.html