Fed report blames SVB collapse on lax oversight and missteps
The Federal Reserve faulted its own staff and weak regulation for Silicon Valley Bank's failure, citing slow action on rising uninsured deposits and rate risk after 2018-2019 deregulatory moves. The FDIC noted supervision gaps at Signature Bank and SVB, with deposits exceeding insurance caps triggering panic, as regulators weigh tighter rules for banks above $100 billion in assets.
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Stocks end April with broad gains amid earnings optimism
U.S. stocks finished April higher as many companies beat early-year profit expectations. The S&P 500 rose 0.8 percent to 4169.48, the Dow added 0.8 percent to 34098.16, and the Nasdaq gained 0.7 percent to 12226.58. Exxon Mobil led gains on stronger quarter, while Amazon fell 4 percent despite solid results. Analysts noted cloud growth fears at AWS and tepid outlooks for the next quarter.
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