2023-05-04 20:32:50
Wall Street closed lower Thursday following a move by Bacoist Bank to explore strategic options deepened concerns regarding the safety of US banks and plunged regional bank stocks.
Backoist shares plunged 40 percent following confirming that it was looking at strategic options, including selling.
Shares of the regional bank and other banks have been hit hard recently amid fears of a worsening banking crisis.
According to preliminary data, the Standard & Poor’s 500 index lost 29.99 points, or 0.73 percent, to close at 4,060.76 points, while the Nasdaq Composite Index lost 61.39 points, or 0.51 percent, to 11,963.94 points.
The Dow Jones industrial average fell 292.18 points, or 0.87 percent, to 33,122.06 points.
On Sunday, regulators seized the troubled First Republic Bank before agreeing with the giant JPMorgan Chase & Co. to buy the majority of its assets, in the biggest collapse of a US bank since the 2008 financial crisis.
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