Bryan R Smith/Reuters
- US stocks sank on Thursday as investors brace for Friday's key February jobs report.
- Investors are pricing in higher odds that the Fed dials rate hikes back up to 50 basis points later this month.
- Financial stocks were battered Friday after implosions at Silicon Valley Bank and Silvergate Capital.
US stocks sank on Thursday as investors braced themselves for Friday's February jobs report.
Major indexes gained early in the day on softer labor market data in the form of higher than expected jobless claims, data which could help influence the Fed to keep its next rate hike small. Claims rose 21,000 to 211,000 over the last week, the largest surge in five months.
Stocks, however, reversed course to slide in afternoon trading, with the Dow losing over 500 points as investors turned their focus to Friday's non-farm payrolls report.