Stocks smoked after jobs beat and SVB collapses
U.S. stocks got smoked on Friday after a crucial jobs report came in warmer than expected and jitters over the stunning failure of Silicon Valley Bank (SIVB) rattled investors.
The S&P 500 (^GSPC) plunged 1.4%, while the Dow Jones Industrial Average (^DJI) declined by 1.1%. Contracts with the technology-heavy Nasdaq Composite (^IXIC) slid by 1.8%. The plunges Friday added to a brutal week for Wall Street. All three indexes had their worst weeks since at least November…