March 21, 2023
Wall Street’s 30-stock benchmark turned in a small weekly loss, while its two peers added gains.
- The Dow Jones Industrial Average is treading volatile waters as the risk of further bank failures weighed on real-economy stocks. The banking sector was the biggest loser, especially on Friday, when efforts from major investment players to rescue First Republic Bank flopped.
- Money managers are anxious about more banks facing the same harsh reality check and the threat of a wide-spread instability across the financial system has disrupted a promising rebound so far this year. That fear has spread across the Atlantic, hitting hard on Credit Suisse.
- Amid the sea of red in the Dow, there was a glimmer of hope last week with the S&P 500 and the Nasdaq Composite eking out satisfactory gains. The 500-stock average added 1.4% over the week, while the tech-heavy benchmark advanced a total of 4.4% for the same period.