Stock market news today: US stocks tumble on new banking volatility

📆 5/5/2023 08:28:00
📰 BusinessInsider

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US stocks tumble as investors fret over new bout of banking sector volatility

All three indexes ended the day lower, with the Dow Jones Industrial Average shedding almost 300 points.

Shares of PacWest dropped 50% as confidence continued to waver in the US banking sector. Meanwhile, Western Alliance stock dropped nearly 40% the lender denied a recent report that executives are exploring a possible sale. The drop in stocks extended yesterday's losses after the Federal Reserve hiked rates for a 10th time, adding to fears that the economy could be headed for a recession.

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