NEW YORK—A whipsaw week for Wall Street closed with drops for stocks Friday as worries worsened about the banking industry and fears rose that it could drag the economy into a recession. The S&P 500 sank 1.1 percent, cutting into its gain for the week. The Dow Jones Industrial Average lost 384 points, or 1.2…
Wall Street Opens Lower as Bank Worries Linger
Wall Street’s main indexes opened lower on Friday as investors remained wary about a potential banking crisis even as the country’s largest banks came to the rescue of troubled regional lender First Republic Bank. The Dow Jones Industrial Average fell 29.23 points, or 0.09 percent, at the open to 32,217.32. The S&P 500 opened lower…
Dollar Slips as Bank Lifelines Shore Up Risk Appetite
LONDON—The dollar slipped on Friday after top U.S. power brokers including the government and banks threw a lifeline to a struggling regional lender to ease stress on the financial system, which returned some confidence to investors. The rescue of First Republic Bank in the U.S. on Thursday boosted risk appetite globally on Friday as concerns…
Oil Rises on Demand Hopes as Banking Fears Ease
March 17, 2023
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LONDON—Oil prices firmed on Friday as a meeting between Saudi Arabia and Russia calmed markets and after support measures stabilized a banking crisis that set oil prices on course for their biggest weekly fall since December. Brent crude futures firmed by $1.09, or 1.46 percent, to $75.79 a barrel by 1040 GMT. U.S. West Texas…
World Shares up After 1st Republic Aid Spurs Wall Street Rally
March 17, 2023
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BANGKOK—Markets advanced Friday in Europe and Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the latest U.S. lender in the spotlight for troubles in the banking industry. Shares rose in Paris, London, Tokyo, and Hong Kong but edged lower in Mumbai. U.S. futures…
Stocks Rally After Battered First Republic Gets a Lifeline
NEW YORK—Stocks rallied Thursday after a group of big banks offered a lifeline to the bank that investors had zeroed in on in their hunt for the industry’s next victim. The S&P 500 jumped 1.8 percent for its best day in nearly two months after 11 of the biggest banks said they would deposit a…
Banking Issues Hiding Bigger Problem: Tavi Costa
March 16, 2023
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First Republic Bank will receive $30 billion from some of the top U.S. banks in a bid to stabilize the troubled firm. It’s the third bank to be rescued in less than a week. First Republic, like Silicon Valley Bank and Signature Bank, reportedly had a large number of uninsured deposits, triggering fears that customers…
Wall Street Opens Lower as Banks Drag, ECB Hikes Rates
Wall Street’s main indexes opened lower on Thursday after shares of First Republic Bank crashed amid fears of a banking crisis, while a large interest rate hike by the European Central Bank also dented sentiment. The Dow Jones Industrial Average fell 46.92 points, or 0.15 percent, at the open to 31,827.65. The S&P 500 opened…
Euro, Swiss Franc Recover a Touch as Market Mood Improves, Traders Await ECB Meet
SINGAPORE/LONDON—The euro and Swiss franc regained some lost ground on Thursday, as markets reacted positively to the Swiss central bank’s support for Credit Suisse, ahead of a difficult meeting for ECB rate setters. The euro was up 0.4 percent at $1.06225 having lost 1.4 percent a day earlier, its biggest percentage fall in six months,…
Oil Regains Some Ground After Credit Suisse Handed a Lifeline
Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators. But, battered by fears of growing stress on banks worldwide, market sentiment remained fragile with both benchmarks giving up some early Thursday gains…
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