Power Breakfast: Dow Closes More Than 300 Points Lower, Posts Worst Week Since June As Silicon Valley Bank Collapse Sparks Selloff

US market slipped again on Friday over the concerns of the bank bankruptcy. The Dow fell 350 points, whereas, Nasdaq lost 1.75%. Two banks lost $100 billion in 2 days. The Silicon Valley Bank crisis has taken a new turn as US regulators issued a closure order for the bank. US regulators took control of Silicon Valley Bank and Signature Bank. Silicon Valley Bank became the largest US bank to fail since the 2008. Apart from this, a new bank term 'funding program' was announced for banks. The US government assured all the depositors that their money is safe. All customers will be able to access their funds from today. In addition, the pace of adding jobs in the US is strong but there is no increase in salary.