Stocks fall to cap chaotic week driven by fears about banks

  • 📰 WOKVNews
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 63%

United States News News

United States United States Latest News,United States United States Headlines

Wall Street opens a bit lower as worries about banks persist

But on Friday, some of the hope washed out, and the pair went back to falling. In Switzerland,shares dropped 8%. On Wall Street, shares of First Republic Bank sank nearly 33% to bring their plunge for the week to 71.8%.

After years of enjoying historically easy conditions, banks are now getting a shock after the Federal Reserve and other central banks jacked up interest rates at a blistering pace. The moves are meant to get the world’s high inflation under control. “There’s still a lot of unknowns,” Baird's Mayfield said about what types of investments banks have in their portfolios and how easily they can be turned into cash quickly. “That’s the biggest fear. That’s when markets are typically at their most volatile and most negative. And for most investors who have been in the business for a while, it's hard not to call back to memory 2008, 2009 even if it does look quite different.

Traders largely expect this week’s turmoil to push the Federal Reserve to hike interest rates at its next meeting by only a quarter of a percentage point. That would be the same sized increase as last month’s and half the hike of 0.50 points that some traders were earlier expecting.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 247. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

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

Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100BBitcoin is proving to be a dependable safe haven years after the Cypriot and Greece banking crisis. Q1 winner lol... rather 21st century winner cenbank FirstBankngr FBN_help You people should credit my £3,475 refund since 5 months now!!! It's my money not yours. Nice read
Source: Cointelegraph - 🏆 562. / 51 Read more »