Banking crisis sparks recession fears and drags down stock market.

Stocks fell on Friday, with the S&P 500 down 1.2%, as concerns about the banking industry and fears of a recession continue to grow. First Republic Bank saw its shares sink 32.3% and is on track for a 71% plunge for the week. The banking system is under pressure from the fastest set of hikes to interest rates in decades, which could lead to problems for smaller and mid-sized companies getting the loans they need to grow. Banks have borrowed nearly $165bn from the Federal Reserve over the last week in a sign of how much stress is in the system.