Stock Market Today: Stocks Slide as Regional Bank Rout Worsens

The major market indexes closed lower Thursday as chaos in the banking industry continued.

Outside of Pacific Western Bank building
(Image credit: AaronP/Bauer-Griffin/Getty Images)

Panic selling in regional bank stocks resulted in losses for the major indexes Thursday. 

PacWest Bancorp (PACW) suffered the most devastating decline, shedding half its value after the California-based lender said in a statement it is considering "strategic asset sales," and "will evaluate all options to maximize shareholder value." There were plenty of other headlines for investors to consider today, too, like the biggest initial public offering (IPO) in almost two years and a busy earnings calendar

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Karee Venema
Senior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.