- US stocks slid on Thursday as investors dealt with fresh volatility in bank shares.
- All three indexes ended the day lower, with the Dow shedding almost 300 points.
- The drop continued yesterday's losses after the Fed hiked rates another 25 basis-points.
US stocks slid on Thursday as investors fretted over more banking turmoil.
All three indexes ended the day lower, with the Dow Jones Industrial Average shedding almost 300 points.
Shares of PacWest dropped 50% as confidence continued to waver in the US banking sector. Meanwhile, Western Alliance stock dropped nearly 40% the lender denied a recent report that executives are exploring a possible sale.
The drop in stocks extended yesterday's losses after the Federal Reserve hiked rates for a 10th time, adding to fears that the economy could be headed for a recession.
Here's where US indexes at the 4:00 p.m. closing bell on Thursday:
- S&P 500: 4,061.22, down 0.72%
- Dow Jones Industrial Average: 33,127.74, down 0.86% (286.50 points)
- Nasdaq Composite: 11,966.40, down 0.49%
Here's what else is going on:
- A recession is more likely under the Republican's debt ceiling plan, Moody's chief economist said.
- Nearly half of Americans say they're worried about their money as banking turmoil continues.
- Extending FDIC deposit insurance could cost banks' customers more, a former FDIC chair said.
- Western Alliance shares saw wild swings as the bank denied a report of a possible sale.
- A stock portfolio created by ChatGPT is outperforming the top UK investment funds.
In commodities, bonds, and crypto:
- Oil prices wavered, with West Texas Intermediate down 0.19% to $68.47 a barrel. Brent crude, the international benchmark, edged higher to $72.40 a barrel
- Gold rose 1% to $2,058.70 per ounce
- The 10-year yield fell three basis points to 3.37%
- Bitcoin moved up 1.81% to $28,867.11
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