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On Wall Street, the massive drop in prices caused the US stock market to plummet. The collapse of crypto bank Silvergate Capital and the drop in the share price of SVB Financial have made investors aware of dangers such as credit defaults that could be associated with the recent rise in interest rates. Generally, higher interest rates make bonds more attractive and put pressure on speculative investments such as stocks or cryptocurrencies.
The leading index Dow Jones Industrial fell 1.66 percent to 32,254.86 points, thus reaching the level of early November last year. Overall, the S&P 500 fell 1.85 percent to 3918.32 points. It has slipped back below the much noticeable 200-day moving average, which defines the long-term trend.
The tech-heavy Nasdaq 100 lost 1.80 percent to 11,995.88 points.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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