US stocks slumped Monday with key indices markedly lower amid worries over the banking system following the collapse of Silicon Valley Bank and shuttering of Signature Bank. Shares of First Republic Bank plunged more than 65 percent as trading started, leading the decline among banks as regional lenders face pressure. Apart from First Republic, shares…
Shares of First Republic Bank plunged more than 65 percent as trading started, leading the decline among banks as regional lenders face pressure. Around 20 minutes into trading, the Dow Jones Industrial Average, which slipped 0.7 percent initially, picked up slightly. This came despite US finance authorities announcing a rescue plan Sunday to ensure that depositors at the failed SVB will be able to fully retrieve their funds.