Morning Report 13 Mar 23: US sharemarkets tumbled on Friday

US sharemarkets tumbled on Friday after California banking regulators closed SVB Financial Group, parent of Silicon Valley Bank, after a run on its deposits. The failure of SVB, with US$209 billion of assets, is the second biggest US bank failure. The KBW regional banking index fell by 2.4% while the S&P 500 financials index lost 1.8% and the banks index fell 0.5%. The Dow Jones index lost 345 points or 1.1%. The S&P 500 index slid 1.5% and the Nasdaq index shed 199 points or 1.8%.

 

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