Sliding bank shares dragged Wall Street down with investors worried about contagion from the Silicon Valley Bank collapse
Dow down 0.28%, S&P 500 down 0.15%, Nasdaq up 0.45%
NEW YORK, March 13 - Sliding bank shares dragged Wall Street down on Monday with investors worried about contagion from the Silicon Valley Bank collapse, but trade was choppy and the Nasdaq composite actually ended higher as some sectors benefited from hopes the Federal Reserve could ease up on interest rates hikes.sudden shutdown on Friday after a failed capital raise had investors worried about risks to other banks from the Fed's sharp rate hikes over the last year.
Regulators over the weekend stepped in to restore investor confidence in the banking system, saying SVB's depositorsTo some investors, the Fed's decision next week will also hinge on inflation data due this week. "If we get shockingly bad Consumer Price Index and Producer Price Index, the Fed is going to find itself in a tough spot or a much tougher spot that it even finds itself in ahead of those prints," said Orion Advisor Solutions CIO Timothy Holland.
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