Stock market: Dow falls as banking sector concerns remain

Wall Street investors seem nervous amid uncertainty in the banking sector and broader economy.Shares of First Republic Bank tumbled 20% after Fitch Ratings said it could downgrade it.

Fitch said the bank's liquidity is still weak despite a $30 billion lifeline from larger institutions.Also Friday morning, the parent company of the failed Silicon Valley Bank filed for chapter 11 bankruptcy protection. Trading of SVB Financial Group shares halted on Thursday. The uncertainty in the banking sector started when customers with uninsured deposits began switching to larger institutions.Resident Joe Biden is calling on Congress to expand the FDIC's authority to punish executives of banks that fail. He wants the agency to be able to fine them, claw back their compensation and bar them from other bank jobs.

Meanwhile, in related news, investors also seem nervous the Fed could hike rates again next week. They're waiting for a University of Michigan survey that gauges consumer confidence.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Dow rallies as major banks race to rescue First Republic By Investing.com*DOW RALLIES 370 POINTS, NASDAQ SURGES 2.5% AS MAJOR BANKS RACE TO RESCUE FIRST REPUBLIC $DIA $SPY $QQQ 🇺🇸🇺🇸 Remember this in 4 to 6 months LONG BTC ! 🚀🚀🚀
Source: Investingcom - 🏆 450. / 53 Read more »

The Dow’s 4 financial stocks are cutting about 170 points off the Dow’s priceFinancial stocks continued to drag stock stock market down Friday, as the Dow Jones Industrial Average’s four financial components contributed about 40% of...
Source: MarketWatch - 🏆 3. / 97 Read more »

Stock market: Dow falls as banking sector concerns remainInvestors seem nervous about the banking sector as First Republic continues stumbling and SVB Group files for bankruptcy
Source: ABC7Chicago - 🏆 284. / 63 Read more »

Stock Market Today: Dow down 200 points as banks remain under pressure; ECB hikes ratesDow down 250 points as ECB remains on rate-hike path despite banking worries Rate hike of 50 basis points in Europe
Source: MarketWatch - 🏆 3. / 97 Read more »

Stock market news today: Dow jumps 372 points on bank rescue plansDow jumps 372 points as US stocks surge on rescue plans for struggling banks
Source: BusinessInsider - 🏆 729. / 51 Read more »