BIDEN BANK CRISIS: Dow Plunges 700 Points, ‘First Domino To Drop’

Stock indexes are on pace for one of their worst days this year.
Woke and broke. And still Biden and the Democrats are pushing, legislating and imposing these fatal polices.

This is the poison fruit of the diversity, equity and inclusion hiring practices that elevates whining whiners and demonizes talent, intelligence and skill.

Life was golden under Trump.

Dow Plunges 700 Points As BlackRock Chief Warns SVB Collapse Merely ‘First Domino To Drop’

By: Derek Saul, Forbes, March 15, 2023: Forbes Staff

U.S. stocks plunged in Wednesday trading as concerns about the health of the global banking industry continued to weigh on the market, with one high-profile Wall Street bigwig cautioning the contagion of Silicon Valley Bank’s failure could spread further than previously anticipated.

Key Facts

The Dow Jones Industrial Average fell 717 points, or 2.2%, by 1 p.m. ET; the S&P 500 and tech-heavy Nasdaq similarly slid 2% and 1.4%, respectively.

The domestic losses come amid broad declines in stocks abroad, with the Zurich-based bank Credit Suisse’s 24% slide to a record low in share prices amid capital concerns headlining the losses.

Also stoking concerns about the fallout of Silicon Valley Bank, Signature Bank and Silvergate Capital’s recent closures was a bleak letter from Blackrock CEO Larry Fink warning the failures could simply be the first “domino[es] to drop” before a potential “cascade throughout the U.S. regional banking sector with more seizures and shutdowns coming.”

Regional bank stocks captained Wednesday’s sinking ship, with share prices of PacWest sinking 20% and First Republic dropping 23%.

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