Silicon Valley Bank failure helps hammer market

A Brink's armored truck idles outside the shuttered Silicon Valley Bank headquarters in Santa Clara, Calif., yesterday. Photo: Justin Sullivan/Getty ImagesWhat happened:

The S&P lost 4.6% in the week ending Friday, its worst weekly showing of the year. It was also the worst week since September. The selloff started Tuesday, after Federal Reserve Chair Jerome Powell opened the door to a more rapid pace of rate hikes

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Bank stocks plunge after implosions at Silicon Valley Bank and SilvergateBank stocks plunge after implosions at Silicon Valley Bank and Silvergate Capital send 'shock waves' through the sector
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European banking stocks sink as Silicon Valley Bank jitters spreadEuropean banking stocks sold off sharply in early trade Friday as a global contagion effect took hold after shares in U.S. bank SVB Financial plunged 60%. Everyone is awakening to the reality that the time bomb might be in their bond portfolio and that raises the question “will there be a panic in the bond market?” RED FRIDAY! And yet again, the capitalists, the smart guys, the investors, making bad decisions, losing billions of dollars and the ones at the top, who make all these decisions, can still walk away worth millions… it’s a rigged, broken system, these fucks should be regulated as hell!!
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