How did US shares perform after Biden’s speech on the disruption of “Silicon Valley”?

US stock market indexes fell today, on Monday, as investors and market participants focused on the consequences of the SVB banking crisis and its danger to the banking sector.

In early trading, the Dow Jones index fell 0.8% to 31,655 points, while the Nasdaq index fell 1.11% to 11,058.6 points.

The broader Standard & Poor’s 500 also fell 1.45% to 3,861.59, according to Bloomberg data.

And before that, US President Joe Biden, in today’s speech, assured Americans that all deposits in American banks are available to them if necessary, emphasizing that the management of bankrupt banks will be expelled.

The President of the United States indicated that US citizens should have confidence in the security and stability of the US banking system. He vowed that American taxpayers would not suffer losses because of the problems of bankrupt banks.

For their part, several US media outlets, including Pacific Western and First Republic, have indicated that bankruptcy threatens several other financial institutions in the United States.

Source: RT