Regional bank stocks were mixed on Friday as investors weighed whether the worst of the banking woes are in the rearview mirror. Regional banks have been facing intense pressure for weeks following the collapse of Silicon Valley Bank and Signature Bank.
PacWest Bancorp was up very slightly on Friday but was treading water. It is down a whopping 37% in the past five days alone and 82% in the past six months. While the stock was trading near $30 per share in February prior to SVB’s collapse, as of Friday, a share was valued at about $4.70.
The SPDR S&P Regional Banking ETF, which tracks the performance of regional banks, was down about 0.5% on Friday. The University of Michigan Consumer Sentiment Index plunged to 57.7 in May, down from 63.5 in April, according to preliminary numbers released Friday. The drop represents a weighty 9.1% decline from last month and about a 1.2% dip from a year ago.
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