European shares have opened mixed after a day of gains in Asia ahead of a decision by the Federal Reserve on interest rates
Asian shares are higher after stocks rallied on Wall Street, including the banks most beaten down by the industry’s crisis
The New York Stock Exchange closed in the red on Friday. Wall Street Journal banking reporter Ben Eisen joins CBS News to discuss the ongoing impact of the recent turmoil in the banking system.
A week of investors navigating a rocky road on Wall Street ends with the markets down, despite major banks stepping in to save First Republic Bank from collapsing.
Wall Street closed lower, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector, with investors now guessing how much the Federal Reserve will hike interest rates next week. #News #Reuters #newsfeed #wallstreet #banking #stockmarket Subscribe: http://smarturl.it/reuterssubscribeReuters brings you the latest business, finance and breaking news video from around the globe. Our reputation for accuracy and impartiality is unparalleled.Get the latest news on: https://www.reuters.com/Follow Reuters on Facebook: https://www.facebook.com/ReutersFollow Reuters on Twitter: https://twitter.com/ReutersFollow Reuters on Instagram: https://www.instagram.com/reuters/?hl=en
The scene was reminiscent of the last financial crisis, nearly 15 years ago: Faced with a blossoming emergency in the banking sector, worried regulators and policymakers in Washington turned to Wall Street for help.
STORY: In what was arguably the most dramatic day on Wall Street so far this year, a rout in bank stocks Monday weighed on markets as investors worried about contagion from the Silicon Valley Bank collapse.But you might not be able to tell by the closing numbers of the main indexes.The Dow dropped just under a third of a percent, the S&P 500 shed over a tenth of a percent but while the Nasdaq gained nearly half a percent – as some sectors benefited from hopes the Federal Reserve could ease up on interest rate hikes.SVBs sudden failure on Friday – as well as Signature Bank, which was shut down by regulators Sunday – had investors worried about risks to other banks despite extraordinary efforts by the U.S. government to protect depositors.First Republic Bank fell a whopping 62% as news of fresh financing failed to reassure investors. Western Alliance plummeted 47% and PacWest dropped 21%. Trading in the stocks was halted several times.And shares of big banks including JPMorgan Chase, Citigroup and Wells Fargo also all lost ground.A silver lining to the crisis? Many investors speculated the central bank could now become less hawkish in its efforts to tame inflation.But Sean O’Hara, President of Pacer ETFs Distributors, doesnt necessarily agree.I would have to go with what they’ve been saying, which is they’re going to continue to raise rates until they can tamp down inflation. And that job’s not even close to being done yet. Maybe they’ll change tune and use this as an excuse to sort of chicken out, I don’t know. And so that leads us to the big question about whether we will or we won’t have a recession. And if we do, how big of a recession is it going to be?Outside the banking industry, Pfizer shares rose after the drugmaker said it would buy biotech company Seagen for nearly $43 billion.
A Volkswagen Golf collided with a wall in Brown Street, Burnley in the early hours of this morning.
Jamie Fiore Higgins, who worked at Goldman Sachs for 18 years, wants to break the “taboo” around candidly discussing workplace harassment and assault.
Stocks sank on Wall Street after the head of the Federal Reserve warned it could speed up its economy-rattling hikes to interest rates if pressure stays high on inflation
The Black Cinema Series and the new public art project by Shawn Dunwoody at Manhattan Square Park are part of the effort to promote racial equity in Rochester.
Asian shares are mostly higher in muted trading as investors assess a slew of economic data and await moves by the Federal Reserve