Developments on Silicon Valley Bank overshadowed trading on Wall Street on Friday.
(Photo: IMAGO/Xinhua)
new York The turbulence surrounding the Silicon Valley Bank (SVB), which has gotten into financial difficulties, hit the US stock exchanges again on Friday. The Dow Jones index of standard values lost half a percent to 32,092 points. The broader S&P 500 fell 0.8 percent to 3,885 points. The index of the technology exchange Nasdaq fell by 1.3 percent to 11,195 points.
The US labor market data eased investors’ concerns about interest rates somewhat, as the overheated US job market is slowly cooling down. Non-farm payrolls added 311,000 jobs in February, down from a revised 504,000 in January.
However, the dramatic developments at the Californian start-up financier SVB overshadowed everything else. After pre-market losses of more than 60 percent, trading in the share was initially halted. According to insiders, the company wants to put itself up for sale after failing to raise capital.
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