Stocks drop to a 7-week low as banks collapse – El Financiero

US stocks posted their worst day in two weeks After the decline in banking stocks gained momentum amid fears that problems in the sector may portend broader risks.

in contrast , the United States Treasury bonds United Rose.

The S&P 500 fell to its lowest level since January 19th. Financial companies in the index fell by more than 4 percent. The KBW Banking Index, which includes regional banks, fell 7.7 percent.

Shares in SVB Financial Group fell 60 percent after the Silicon Valley-based lender took steps to boost its capital position following losses in its portfolio.

Shares of Bank of America Corp. and Wells Fargo & Co. fell. and JPMorgan Chase & Co by at least 5 percent.

These are the main movements in the US markets

• The S&P 500 was down 1.8 percent at 4:01 pm New York time.
• The Nasdaq 100 index fell 1.8 percent.
• The Dow Jones Industrial Average fell 1.7 percent.
• The MSCI World Index fell by 1.2 percent.

Currency exchange rate

• The Bloomberg Spot Dollar Index has not changed.
• The euro rose 0.3 percent to $1.0580.
• The pound rose 0.6 percent to $1.1919.
• The Japanese yen rose 0.9 percent to 136.14 per dollar.

Digital currencies

• Bitcoin fell 8.2 percent to $20,208.79.
• Ether fell 8.2% to $1,425.02.

bonds

• The 10-year Treasury yield fell seven basis points by 3.92 percent.
• The yield on the 10-year German Bund was little changed at 2.64%.
• The yield on British bonds for 10 years rose three basis points to 3.80 percent.

raw materials

• West Texas Intermediate crude fell 1.4 percent to $75.56 a barrel.
• Gold futures rose 0.9 percent to 1,834.90 ounces.