employers advertised the fewest job openings in nearly two years during March.
Regulators seized First Republic Bank at the start of this week and sold most of it to JPMorgan Chase, which had raised hopes that the turmoil could ease.Īlso pressuring the market was a report showing U.S. bank failures in history have come since March, and investors have been on the hunt for what could be next to topple or suffer a debilitating exodus by customers. PacWest Bancorp dropped 27.8%, Western Alliance Bancorp fell 15.4% and Comerica sank 12.4%. Some of the sharpest drops came from smaller- and mid-sized banks, which have been under heavy scrutiny as the banking system shows cracks under the weight of much higher interest rates. The Dow Jones Industrial Average dropped 367 points, or 1.1%, after earlier being down as many as 615 points. The S&P fell 1.2% after paring a steeper loss. Rising fear sent yields sinking in the bond market, while Wall Street waited for the Federal Reserve’s latest move on interest rates and Washington edges closer to what would be a catastrophic default on U.S.
New York - Stocks slumped Tuesday after shares of beleaguered banks tumbled again and worries worsened about the economy.
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