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Fox Business
Fox Business
13 Mar 2023


Charles Schwab shares are on pace for the worst percentage drop on record as investors scramble following the FDIC’s closure of Silicon Valley Bank on Friday, which was then followed by the emergency backstop by regulators late Sunday. 

TickerSecurityLastChangeChange % SCHWTHE CHARLES SCHWAB CORP.53.07-5.65-9.62%

The stock dropped over 19% midday, the worst shackling since November 2020, even as Chief Financial Officer Peter Crawford moved to assure customers and investors the firm is on solid footing. Below are excerpts from the release.

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S&P 500 financial stocks fell over 4% as contagion jitters spread through the sector. Banks stocks including First Republic, KeyBank, Huntington Bancshares, PacWest were all down over double-digits. 

TickerSecurityLastChangeChange % XLFFINANCIAL SELECT SECTOR SPDR ETF32.12-0.81-2.46%FRCFIRST REPUBLIC BANK (SAN FRANCISCO CALIFORNIA)28.32-53.44-65.36%KEYKEYCORP12.21-3.46-22.06%HBANHUNTINGTON BANCSHARES INC.11.22-2.15-16.04%PWACn.a.n.a.n.a.n.a.

Monday morning, President Biden spoke to the public reassuring Americans about the safety of the U.S. banking system. 

"During the Obama-Biden administration, we put into place tough requirements on banks, like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law, to make sure the crisis we saw in 2008 would not happen again," Biden said during his brief, five-minute speech.