US: Bank failure causes deep fall on Wall Street

Stock prices fell sharply Monday morning at the start of trading on the New York Stock Exchange as panic spread on Wall Street over the second and third largest banking collapses in US history.

At the same time, bond yields were also falling sharply as investors looked for where to put their money.

The S&P 500 Index was down 1%, with the banking sector bearing the steepest losses.

Investors fear that the Federal Reserve’s persistent interest rate hikes have gone too far and are now weighing on the banking system and the broader economy.

US regulators announced on Sunday night a plan to strengthen the banking sector.

[Con información de The Associated Press]

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