4 Stocks That Moved the Market in March
Economic news dominated financial news in March, sending some of the most valuable companies higher and lower. The stock market's biggest movers created and wiped out tens of billions in shareholder value on their own. These four stocks represented some of the most important trends in the stock market last month.
Shares of Wells Fargo (NYSE: WFC) dropped 20% in March. The giant financial institution was one of the biggest casualties of the banking crisis that rippled through the sector last month. The failures of Silicon Valley Bank and a few other regional banks fueled fears about the stability of financial institutions in the U.S. and abroad. This crushed stocks across the industry, and the list of March's worst-performing stocks was littered with names from the financial sector.
The SPDR S&P Bank ETF tumbled 23% in March, and the SPDR S&P Regional Banking ETF dropped 29%. Smaller, regional banks were especially hard-hit due to heavier customer concentration and a lower likelihood of regulator support in the event of failure.
Source Fool.com
