US banking stocks recover as President Biden vows to protect the banking system

The US Department of Justice is set to open an investigation into the collapse of Silicon Valley Bank after President Joe Biden promised to do “whatever is needed” to protect the banking system.

US banking stocks recovered some of their losses in early trading after $190bn had been wiped off their value since SVB became insolvent last Friday.

Our US correspondent Mark Stone reports from the New York Stock Exchange.

#siliconvalleybank #interestratehike #joebiden #skynews

Read more here: https://news.sky.com/story/how-silicon-valley-bank-chaos-has-had-a-bearing-on-us-all-and-why-were-in-for-a-bumpy-few-months-12833744

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