SVB Bank on track for worst selloff in 23 years and Silvergate Capital tumbles after crypto troubles
By Barbara KollmeyerCiara Linnane
GM hit by news of $1.5 billion charge to cover voluntary job cuts
These were some of the biggest movers among U.S. stocks on Thursday:
Sector move: The shares of U.S. banks and financial institutions fell across the board Thursday in tandem with the tumble in shares of SVB Bank. They accounted for 16 of the top 17 decliners on the S&P 500. Caught up in the downdraft were the shares of First Republic Bank (FRC), down 15%, Charles Schwab Corp. (SCHW), down 10%, Zion's Bancorp. (ZION) down 9%, Bank of America Corp. (BAC), down 6%, and Wells Fargo & Co. (WFC) and JP Morgan Chase & Co. (JPM), down 5%. The Financial Select Sector SPDR Fund (XLF) was down 3%.
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March 09, 2023 14:19 ET (19:19 GMT)
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