Photo by TIMOTHY A. CLARY/AFP via Getty Images)
- US stocks were whiplashed on Thursday as investors digested fresh concerns of a US banking crisis.
- The S&P 500 rose as much as 2% before it gave back most of those gains, while the Dow erased nearly all of a 470 point gain.
- Treasury Secretary Janet Yellen said the US is prepared to take further actions to protect bank deposits if needed.
US stocks suffered severe whiplash on Thursday as investors continued to digest the Federal Reserve's latest interest rate hike and fresh concerns of a US banking crisis.
The Fed hiked interest rates by 25 basis points on Wednesday, representing its 9th consecutive interest rate hike since it started the tightening policy in March 2022, and Fed Chairman Jerome Powell signaled that further interest rate hikes could be necessary.