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Stocks rise, bond yields, bank stocks fall on SVB fallout
U.S. stocks finished Monday mixed as volatile trading gripped Wall Street after federal banking regulators took aggressive actions to stem the fallout of Silicon Valley Bank’s failure. The S&P 500 (^GSPC) declined 0.1{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, while the Dow Jones Industrial Average (^DJI) ticked down 0.3{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. Contracts on the technology-heavy Nasdaq Composite (^IXIC) rose 0.4{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. Bond yields plunged. The yield on the benchmark 10-year U.S. Treasury note dipped to 3.54{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} Monday. Traders are also repricing short-end bonds pushing the front end of the yield curve, as two-year yields dropped to 3.9{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. The moves came after stocks got smoked on Friday, rounding out their worst week so far this year. Federal regulators closed tech-focused…
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UK finance minister and Bank of England work to contain SVB fallout
LONDON, March 11 (Reuters) – Britain’s finance ministry and the Financial institution of England are working to limit the disruption that could come up from a collapse of the United kingdom arm of Silicon Valley Financial institution (SIVB.O), which has been seized by U.S. regulators, the ministry said on Saturday. Talks had been scheduled for Saturday to discuss the difficulties faced by British tech firms afflicted by the collapse, the ministry claimed in a assertion. The Financial institution of England on Friday stated it was searching for a court docket purchase to spot SVB Uk into an insolvency process. “The government recognises that tech sector organizations are usually not cashflow-beneficial…
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