The article discusses the significant decline in global stock markets, driven by concerns over the potential fallout from the Silicon Valley Bank collapse and the broader banking crisis. Major US stock indexes, including the Dow, S&P 500, and Nasdaq, experienced substantial losses, with the Dow plunging over 600 points. European markets also suffered steep declines, with the FTSE 100 in London and the DAX in Frankfurt both dropping sharply. The selloff was exacerbated by fears that the banking crisis could spread, leading to a broader economic downturn. Investors sought safety in government bonds, driving yields lower. The article highlights the impact on regional banks, with shares of First Republic Bank and PacWest Bancorp plummeting. Authorities, including the Federal Reserve and the US Treasury, are closely monitoring the situation and exploring potential measures to restore confidence in the banking system.
Source: https://www.cnn.com/business/live-news/global-stock-markets-plunge/index.html