Pen Fed Credit Union, Jeff Cleburne, Silvergate Bank discussed on WTOP 24 Hour News


Be a morning sprinkle or snow flurry on Sunday. Chance of rain late in the day, highs 45 to 50. I'm storm team forest Mike's dinner. Clouds light rain sprinkles out there and DuPont circle right now. It's 46 in Germantown 41 at an annandale, 46°. WTO at two 40, we got money news for ya. Every half hour, ten and 40 past the hour, brought to you by pen fed credit union great rates for everyone to Jeff cleburne. So the first big bank failures in three years this afternoon, Silicon Valley bank has its asset seized by the FDIC after not being able to find investors to keep it afloat, crypto focused silvergate bank, said yesterday it was winding down in liquidating. There have been few FDIC bank failures in recent years after peaking at 157 of them in 2010. The Dow is down 263 points, the S&P 500 Index is down 50, the NASDAQ's down a 190 points more than one and a half percent the market's a bit shaken by news of those two banks and on the latest jobs report, the economy gained a more than expected 311,000 jobs last month. But there are still signs that the labor market is cooling. Wage growth in February was the slowest in a year. The unemployment rate rose to 3.6% last month. Credit card debt rose by $86 billion last quarter. The biggest quarterly increase ever and at a bad time, interest rates on newly issued credit cards also hit the highest on record last quarter. News. Thanks, Jeff. It's two 41 around this time of year many are about to travel for spring break, and if you haven't made plans yet, we have some tips

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