Developments on Silicon Valley Bank overshadowed trading on Wall Street on Friday.
(Photo: IMAGO/Xinhua)
new York The collapse of the US start-up financier SVB sent shockwaves through the banking sector on Friday. The prices of the big money houses on Wall Street collapsed massively at times, as investors feared latent risks in the balance sheets. The Dow Jones index of standard values lost 1.1 percent to 31,909 points. The broader S&P 500 fell 1.5 percent to 3,861 points. The index of the technology exchange Nasdaq fell by 1.8 percent to 11,138 points. On a weekly basis, the Dow was down 4.4 percent, the S&P was down 4.5 percent and the Nasdaq was down 4.7 percent.
The Silicon Valley Bank (SVB) was closed by a California regulator on Friday as a result of massive price losses. According to insiders, an emergency capital increase that had become necessary after billions in losses from the sale of a bond portfolio had previously failed. It is the largest US bank failure since the financial crisis.
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