Stocks Fall To Cap Chaotic Week On Banking Fears
Stocks ended a volatile week with losses as banking sector anxiety intensified. The S&P 500 slid 1.1 percent, the Dow fell 384 points, and the Nasdaq dropped 0.7 percent while Credit Suisse and First Republic tumbled. Banks borrowed about 165 billion from the Fed as rate hikes strain lenders. Massive money-raising and bank distress fuel concerns of a recession despite easing by other banks and investor relief rallies earlier in the week.
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First Republic
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Jamie Dimon
Jpmorgan Chase & Co
Dimon
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Credit Rating Agency
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University of Michigan
Dow
Wall Street funds rescue First Republic to avert crisis
Regulators and top banks mobilize a private rescue to shore up First Republic Bank in San Francisco. About 30 billion dollars in uninsured deposits are pledged as the Fed’s discount window draws liquidity, aiming to restore confidence after customer withdrawals and amid broader banking stress linked to Silicon Valley Bank and Signature Bank failures.
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Biden urges tougher penalties on failed bank executives
President Biden pressed Congress to empower regulators to claw back compensation and bar executives from the industry after Silicon Valley Bank and Signature Bank failures. The proposal targets a broader range of banks with lower thresholds for penalties, as lawmakers and agencies race to restore confidence and accountability in finance.
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