Pulled down the banks.
Silicone Valley Bank (Photo: ShutterStock)
If in Israel the bank reports pointed to positive balance sheets and a rosy future despite the legal reform, in the US there was a panic today following the collapse of the shares of Silicone Valley Bank, which fell by 60 percent on the trading day. The bank finances many start-ups, including dozens of
Israeli start-up companies, but The crisis in the industry meant that many companies withdrew large sums from it following the contraction of the industry and the rise in interest rates. The bank announced that it would raise funds of 1.75 billion dollars, which further raised the concern of investors. As expected, the fall negatively affected the
entire market, with the Nasdaq falling more than two percent Bank shares plunged at relatively sharp rates - Bank of America lost more than 6 percent and so did Wells Fargo. JPMorgan Chase lost 5.4 percent and Citigroup shed more than four percent. In total, the four largest banks lost the value of about 50 billion dollars in one day.
Now it only remains to be seen how Silicon Valley Bank will overcome the murky wave that flooded it.
In the high-tech industry they follow the matter.
Of money
world money
Tags
silicon Valley