US stocks record worst week of 2023; Dow falls most since June

By Ovunc Kutlu

ISTANBUL (AA) - US stocks recorded their worst week of 2023, while the Dow Jones posted its lowest weekly decline since June after the sudden demise of Silicon Valley Bank (SVB).

The Dow Jones industrial average shed 345 points, or 1.07%, to close at 31,909. It plummeted 4.4% for the week.

The S&P 500 fell 56 points, or 1.45%, to finish the day at 3,861 as it lost 4.6% this week.

The tech-heavy Nasdaq dove 199 points, or 1.76%, to end the day at 11,138. This week, it declined 4.7%.

Investors felt fear and uncertainty in the tech sector surrounding the sudden collapse of SVB -- the largest bank in Silicon Valley, based on local deposits. It was among the biggest banks in the nation.

The VIX volatility index, also known as the fear index, jumped 9.7% to 24.80, while the 10-year US Treasury yield plummeted 5.6% to 3.704%.

The dollar index fell 0.65% to 104.63, while the euro added 0.55% to $1.0639 against the greenback.

Precious metals were in positive territory, with gold adding 2% to $1,867 per ounce and silver rising 2.2% to $20.52.

Oil prices rose more than 1%, with global benchmark Brent crude at $82.69 per barrel and US benchmark West Texas Intermediate at $76.64.