Stock Market Today: Silicon Valley Bank Failure Sinks Stocks


Stocks spent the early part of Friday morning chopping between positive and negative territory as investors dissected the February jobs report. However, chaos erupted on Wall Street after regulators shut down Silicon Valley Bank, a regional financial firm that services many of the largest tech companies. What resulted were big losses for the major indexes and substantial slides for a number of bank stocks. 

Wall Street had been waiting for the February jobs report with bated breath. It was just earlier this week that Federal Reserve Chair Jerome Powell warned the central bank is prepared to issue more rate hikes if economic data continues to come in strong. Data released earlier underscored a resilient labor market, with the U.S. adding a much higher-than-expected 311,000 new jobs last month. However, the report wasn’t all that bad, with the unemployment rate edging up to 3.6% from 3.4% in January, and the pace of wage growth slowing – good news on the inflation front.


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