Japan -1.40%.
Porcelain +0.77%.
Hong Kong +1.59%.
Australia -0.50%.
India -0.05%.
Stocks fell Friday as technology-focused lender Silicon Valley Bank closed after losses on its bond portfolio, sparking the biggest bank failure since the global financial crisis and sending shockwaves through the banking sector. the dow The Jones Industrial Average fell for the fourth straight day, ending 345.22 points lower, or 1.07%, to close at 31,909.64. The S&P 500 Iost 1.45% to settle at 3,861.59. The Nasdaq Composite lost 1.76% to close at 11,138.89.
Silicon Valley Bank was shut down last week by regulators, after customers withdrew a staggering $42 billion in deposits by the end of Thursday.
Friday’s jobs and wages data showed signs that the Federal Reserve’s earlier rate hikes have had the expected impact of cooling the economy. The February jobs report, released on Friday, showed a surprisingly large jump of 311,000 in payrolls. The leisure and hospitality sector was the protagonist of the February employment report, adding more than 100,000 jobs.
Investors’ focus has now shifted to Tuesday’s release of the February consumer price index, as the latest big data inflation report for the Federal Reserve to consider when it meets on March 21-22.
South Korea’s central bank, which is seeing a jump in the won, says it will stabilize markets if necessary.
Coming up next in Europe session: ECB speaker, BoE speaker, Eurogroup meeting.
US futures jump after regulators announced support for SVB depositors. dow jones +1.33%; S&P 500 +1.87%; nasdaq +1.97%.
