Turmoil at Silicon Valley Bank triggers market panic: Four biggest US banks lose staggering $52 BILLION in valuation and Dow drops 540 points

Daily Mail UK

By KEITH GRIFFITH FOR DAILYMAIL.COM and REUTERS

PUBLISHED: 17:47 EST, 9 March 2023 | UPDATED: 22:57 EST, 9 March 2023

Sharp losses in banking stocks led Wall Street’s main indexes lower on Thursday, as turmoil at Silicon Valley Bank’s parent company triggered investor fears about the stability of the financial sector.

The S&P 500 bank index tumbled more than 6% in its biggest one-day drop in over two years, after SVB Financial Group announced a massive equity raise to cover a $1.8 billion loss on the sale of investments.

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