Investors Nervous as Wall Street Begins on Mixed Territory
On Friday morning, Wall Street saw a mixed start for the day with investors being cautious about the prospect of a volatile weekend. The Dow Jones Industrial Average, its main indicator, saw a subtraction of 0.51%. This came in light of nervousness after a group of large banks came to the rescue of First Republic Bank, a bank which continues to plummet today.
Ten minutes after the start of operations on the New York Stock Exchange, the Dow Jones lost 165.32 points, up to 32,081.23 units. On the other hand, the selective S&P 500 fell 0.15% or 5.75 integers, to 3,954.53 points. The composite index of the Nasdaq market, containing major technology companies listed, rose 0.10% or 11.88 units to 11,729.16 integers.
Silicon Valley Bank Financial Group Declares Bankruptcy
Things were not looking good in the financial sector, as on the same day, the parent company of ill-fated Silicon Valley Bank (SVB), called Silicon Valley Bank Financial Group, declared bankruptcy in a New York court. The move was an attempt to restructure capital, under judicial supervision, of businesses that have been seized by the authorities.
This comes in the wake of a volatile week where the fallout from two bank crashes has hit financial markets. As a result, investors are cautiously waiting on the sidelines, concerned about what the future may hold. The weekend ahead looks to be a volatile one indeed, and tension and apprehension have hit Wall Street as investors brace for the impact.
