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Banks tumble as SVB ignites broader fears about the sector

The S&P 500 bank index was down 4.6% on Thursday as investors grew wary of the entire sector after SVB Financial Group's share sale announcement and crypto bank Silvergate's decision to wind down operations. Shares in SVB, whose operating segments include Silicon Valley Bank, led declines, with a drop of 43.8% to $150.62 after it announced the $1.75 billion share sale late on Wednesday as it battles cash burn due to declining deposits from startups struggling with a venture capital funding drought. The KBW regional bank index was down 6.0% after hitting its lowest point since January 2021.
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