STOCK MARKET NEWS: Job growth strong, Silicon Valley Bank sinks, Bitcoin slides

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Stocks slide as bank stocks tank

Financial Select Sector Spdr Etf.



All three of the major U.S. stock averages slipped on Friday as investors digested a stronger-than-expected February jobs report, more evidence the Federal Reserve’s efforts to cool the economy continue to lag.

Financials led the decline in the S&P 500 as jitters hit the sector driven by Silicon Valley Bank which is fighting for survival. Those shares were halted Friday morning after losing over 60% of their value over the past 24 hours.

Symbol Price Change %Change
SIVB $106.04 -,161.79 -60.41
JPM $128.72 -1.61 -1.24
BAC $29.26 -1.28 -4.19
WFC $40.22 -0.91 -2.21
C $47.71 -0.89 -1.83

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Silicon Valley Bank

Svb Financial Group.



Shares of Silicon Valley Bank are halted for news per the New York Stock Exchange. This after the bank lost over half its value on Thursday.

February jobs report

The jobs data for February was stronger-than-expected creating another challenge for policymakers attempting to cool the U.S. economy.