US stocks tumble on Silicon Valley Bank turmoil

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Wall Street stocks ended Friday's session decisively lower as banking shares wobbled on contagion fears, after the failure of regional lender Silicon Valley Bank.

SVB’s problems were sparked by customer withdrawals that led the company to liquidate securities positions whose values had plummeted due to the Federal Reserve’s interest rate hikes.

The hardest-hit banks included First Republic Bank which slumped 14.8 percent, and Comerica, which slipped five per cent. Fifth Third Bancorp was down 4.2 per cent.

 

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