As of 4 p.m. ET, the Dow Jones Industrial Average added about 380 points, or 1.2%, and the S&P 500 rose 0.9%. The technology-focused Nasdaq Composite climbed 0.4%. The indices fell on Friday but have been relatively insulated from the banking crisis so far. Authorities sought to stem a dangerous decline in confidence in the … Read more
The Silicon Valley Bank collapse and banking crisis is “an excellent case study” for clients, says a financial adviser. When Silicon Valley Bank could not cover its customers’ withdrawal requests, it was forced to sell its Treasury bills before maturity at a steep loss. “The first line of defense should always be money,” says Lazetta … Read more
A tumultuous week in U.S. financial markets ended on an uncertain note on Friday after a massive injection of $30 billion in deposits from major banks into First Republic Bank failed to calm investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began … Read more
Cryptocurrencies stood out this week as bank stocks tumbled and the global liquidity crunch rocked the stock market. For the week ending March 17, bitcoin finished up 34%, making it the cryptocurrency’s best week since January 2021 – which marked the start of the institution-led bull run this that year. Coin Metrics measures a week … Read more
The liquidation of regional banks is overdone, with four names looking particularly attractive at these levels, according to UBS. While bank stocks rose on Thursday, volatility increased this week. The banking sector began to nose dive shortly before the Silicon Valley Bank collapse and continued this week, although regulators said on Sunday they would back … Read more
The Bank of England announced on Friday that, “in the absence of any other significant information”, it would place Silicon Valley Bank UK in insolvency proceedings. More than 200 companies – depositors with SVB UK – wrote to the UK Treasury on Saturday asking for help. HSBC UK announced at 7am London time on Monday … Read more
After a frantic weekend of regulators to the rescue that sparked a rally for US stock futures on Sunday night, the mood turned more cautious, with the exception of tech futures still celebrating. Is that many banks are in the red before the opening on Monday. Nervous investors may be wary of more shoes dropping … Read more
Crypto-focused Silvergate, which announced plans to liquidate this week, is suffering similar woes to the failure of Silicon Valley Bank. Simply put, Silvergate’s distress is tied to rising interest rates — rather than the vagaries of digital assets. Silvergate had faced several financial challenges since the collapse of crypto exchange FTX, a former client. In … Read more
Posted: March 10, 2023 1:34 PM ET Bitcoin saw its losses deepen on Friday, falling below $20,000 for the first time since January, as investors fret over contagion from Silicon Valley Bank, which was shuttered by regulators and taken over by the Federal Deposit Insurance Corp. days after crypto-friendly Silvergate Bank said it would cease … Read more
In this photo illustration of SVB Financial Group TradingView stock chart displayed on a smartphone with the SVB Financial Group logo in the background. Igor Golovniov | Light flare | Getty Images Find out which companies are making headlines after hours. SVB Financial – Shares fell 6% after the bell, continuing to plunge since Thursday’s … Read more
