US stocks closed mixed on Monday in volatile trade, but fears that the collapse of Silicon Valley Bank (SVB) could spread infection to the entire banking system dragged down bank shares.
US stock indices opened with losses in the morning session. All the three indices were trading higher in the afternoon trade.
The Dow Jones Industrial Average closed down 0.3% at 31,819.14. The S&P 500 closed down 0.2% at 3,855.76. The Nasdaq Composite Index rose 0.5% to 11,188.84.
The US dollar also fell on uncertainty over the Federal Reserve’s plans to raise interest rates.
US regulators shut down SVB on Friday after investors pulled billions of dollars out of the bank in a matter of hours. Since the 2008 financial crisis, SVB is the largest retail lender to collapse. Regulators on Sunday shut down another lender, Signature Bank.
european stock
European stock markets tumbled on Monday as bank shares sank across the continent.
France’s CAC 40 fell 2.9%. Germany’s DAX closed down 3.0%. Italy’s FTSE MIB fell 4.0%.
Britain’s FTSE 100 fell 2.6%.
Asian market
Asian shares were mixed on Monday after the US government announced plans to protect depositors in banks.
Hong Kong’s Hang Seng rose 2.0%. The Shanghai Composite index climbed 1.2%. Japan’s Nikkei 225 fell 1.1%.
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