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Ticker: Stocks fall to cap week driven by fears about banks


(Last Updated On: March 18, 2023)

Wall Street’s week of turmoil closed with drops for stocks. The S&P 500 fell 1.1% Friday, led by declines in First Republic and other banks.

The Dow Jones Industrial Average and Nasdaq composite also pulled back. This week has been a whipsaw for global markets as concerns worsen about banks following the second- and third-largest U.S. bank failures in history.

The fear is that the trouble for banks caused by fast-rising interest rates could drag the economy into a recession. Treasury yields sank again Friday in part on such fears, along with easing inflation expectations and falling confidence among U.S. households.

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Elizabeth Holmes returns to court in bid to avoid prison

Disgraced Theranos CEO Elizabeth Holmes has made what might be her final court appearance before beginning a 11-year prison sentence.

That’s unless a federal judge grants her request to remain free while her lawyers appeal her conviction for masterminding a blood-testing hoax. The hearing came four months after Holmes’ last court hearing, when a judge sentenced her for duping investors in Theranos. The judge says he expects to issue a ruling in early April.

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Russia will extend Ukraine grain deal for 60 days — not 120

On the eve of the expiration of a deal enabling Ukraine to export grain, the United Nations’ humanitarian chief called its extension crucial to ensuring global food supplies and keeping prices from spiraling.

Russia’s U.N. ambassador reiterated that Moscow is ready to extend the deal – but only for 60 days, just half the 120 days in the agreement.

As reported by Boston Herald