Silicon Valley Bank failure helps hammer market

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Stocks just suffered their worst week of 2023, amid the remarkable failure of Silicon Valley Bank.

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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