In the past week, the stock market was tumultuous with intense fluctuations.
Two of the biggest bank failures in U.S history caused fears to rise among investors about the economic health of the industry as a whole.
This sentiment was also shared by experts, such as David Kostin, chief U.S. equity strategist at Goldman Sachs, who stated, "Banking historically has been a key area that can cause a recession."
Markets rallied briefly after two banks bolstered their cash holdings but the optimism faded as concerns continued to grow.
This led to a sharp decline with the S&P 500 dropping 1.1%, cutting into its weekly gains, while the Dow Jones Industrial Average lost 384 points, or 1.2%, and the Nasdaq composite fell 0.7%.
As the stock market suffered, investors expressed their worries, such as Michael Farr, president of Farr, Miller and Washington, who stated "We have a tenuous hold in terms of where we are" and that "The stabilization we saw this week was fleeting."
Despite the turmoil in the stock market, it is still not clear what will happen in the coming weeks.
Analysts predict more fluctuations, but it may yet be too early to tell if the banking industry will cause a recession.