Stocks tumble 1%+ as Silicon Valley Bank collapse fuels contagion fears

  • Stocks tumble 1%+ as Silicon Valley Bank collapse fuels contagion fears

    All three of the major market averages fell over 1% on Friday posting weekly losses of over 4% as the FDIC takeover of Silicon Valley Bank sparked contagion fears. All of the S&P's major sectors posted losses led by materials, industrials and financial companies, while consumer staples fell the least. Shares of SVB remained halted for trading. In commodities, oil fell 3.8% for the week closing at $76.68 per barrel.

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