Watch CBS News
It has been a blockbuster year for investors, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all up with double-digit gains. However, the Federal Reserve battled the worst inflation in decades with several rate hikes, and 2023 marked the worst banking crisis since 2008, with three major institutions collapsing. Astrid Martinez reports.
Executives from two of three banks that recently failed are appearing in front of the Senate Banking Committee on Tuesday to respond to questions about why their banks went under and what regulators could have done to avoid the calamities.
Investors are bailing from another California lender only days after regulators arranged a shotgun marriage for First Republic.
San Francisco-based First Republic Bank plunged at the opening bell, an ongoing rout that has erased more than 50% of its value just this week on concerns about the bank's financial health in the wake of two other bank collapses.
After Silicon Valley Bank failed last month and raised fears about a wider banking crisis, bookings for last-minute business trips on United Airlines quickly dropped.
The nation's top financial regulator is asserting that Silicon Valley Bank's own management was largely to blame for the bank's failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
FDIC Chairman Martin Gruenberg estimated about $20 billion would be needed to cover the collapse of Silicon Valley Bank.
The treasury secretary says the plan would be set in motion if additional collapses trigger a run on banks.
Steph Curry scored 11 straight points in the fourth quarter and 31 for the night as the Golden State Warriors beat the Minnesota Timberwolves 113-103.
At Bay Area food banks, there is a lot riding on the holiday season.
A suspect is in custody after an Amber Alert was issued for two children authorities say were abducted in King City.
The suspect drove through the doors of a JCPenny in Killeen, Texas, and continued inside for "several hundred yards," an official said.
The Napa Salvation Army struck gold on Saturday, discovering a rare gold coin worth thousands of dollars in one of its red kettles.
Steph Curry scored 11 straight points in the fourth quarter and 31 for the night as the Golden State Warriors beat the Minnesota Timberwolves 113-103.
At Bay Area food banks, there is a lot riding on the holiday season.
A suspect is in custody after an Amber Alert was issued for two children authorities say were abducted in King City.
The suspect drove through the doors of a JCPenny in Killeen, Texas, and continued inside for "several hundred yards," an official said.
The Napa Salvation Army struck gold on Saturday, discovering a rare gold coin worth thousands of dollars in one of its red kettles.
At Bay Area food banks, there is a lot riding on the holiday season.
State officials on Friday announced the commercial Dungeness crab fishery for most of the California coast will finally open south of the Sonoma/Mendocino county line beginning Jan. 5.
Police in San Francisco shot and killed a man early Friday morning near Union Square who was wanted for hitting two pedestrians and a man on an electric scooter with a vehicle hours earlier.
A coffee shop in San Francisco's Mission Bay hasn't even opened yet, but has dealt with at least two break-ins over a 24-hour span.
San Mateo County emergency officials are developing a new method of communication to reduce misinformation and confusion during earthquake and tsunami threats, following a massive earthquake that struck near Humboldt County in early December.
Oakland police said two people were killed Friday night after an altercation involving multiple people.
Fremont's recently elected Mayor Raj Salwan is blazing a new trail as the first Indian-American to lead the East Bay city.
An East Bay CHP officer recently had to play Grinch after spotting a car decorated with exterior Christmas lights traveling on Interstate Highway 880, authorities said.
A road rage incident on Interstate Highway 80 in Pinole earlier this month culminated in a shooting on an offramp that severely injured one person, police said Friday.
A Walnut Creek organization on Friday announced it is partnering with 11 East Bay animal shelters to promote holiday adoptions while trying to find homes for a dozen abandoned Chihuahuas that were recently rescued in Calistoga.
A suspect is in custody after an Amber Alert was issued for two children authorities say were abducted in King City.
A convicted sex offender already serving time at prison may never see life outside bars again after he was found guilty of committing a violent mall robbery more than three decades ago in San Jose.
Police in Milpitas provided an update into the deaths of a family found inside their apartment Tuesday, saying the incident is being investigated as a murder-suicide.
Four family members, two adults and two children, were found dead inside an apartment in Milpitas Tuesday in an incident that police said was "isolated."
Bay Area post offices were packed with people trying to beat holiday shipping deadlines on Wednesday. The increased number of packages being mailed increases the workload for local postal employees.
The Napa Salvation Army struck gold on Saturday, discovering a rare gold coin worth thousands of dollars in one of its red kettles.
Police in Novato have completed their search of a high school and have secured the campus following a report of a nearby robbery Thursday, but the investigation remains ongoing, the department said.
Service on Sonoma-Marin Area Rail Transit was unavailable Monday because of storm damage and for extended systems testing, the agency said.
Zakir Hussain, one of India's most accomplished classical musicians who defied genres and introduced tabla to a global audience, has died.
A North Bay city experienced a city-wide power outage on Saturday after high winds downed power lines and trees.
Steph Curry scored 11 straight points in the fourth quarter and 31 for the night as the Golden State Warriors beat the Minnesota Timberwolves 113-103.
Rickey Henderson is widely considered to be one of the best leadoff hitters and base stealers in baseball.
Third baseman Gio Urshela has reached an agreement on a one-year contract with the Athletics ahead of the team's first season in West Sacramento, according to a person with direct knowledge of the negotiations.
Joel Kiviranta scored twice in the third period, Mackenzie Blackwood made 32 saves against his former team and the Colorado Avalanche beat the San Jose Sharks 4-2.
Stephen Curry had a game like none other in his career. It was part of an awful night for the Golden State Warriors.
The suspect drove through the doors of a JCPenny in Killeen, Texas, and continued inside for "several hundred yards," an official said.
Oakland police said two people were killed Friday night after an altercation involving multiple people.
A road rage incident on Interstate Highway 80 in Pinole earlier this month culminated in a shooting on an offramp that severely injured one person, police said Friday.
The Alameda County District Attorney's Office on Friday announced the sole police officer still facing a charge in the death of Mario Gonzalez while he was being taken into custody in 2021 in Alameda has had the case dismissed.
A convicted sex offender already serving time at prison may never see life outside bars again after he was found guilty of committing a violent mall robbery more than three decades ago in San Jose.
In the face of wide speculation about how artificial intelligence will impact workers in the Bay Area and beyond, a series of billboards plays on those concerns, advertising what appears to be a nightmare scenario where people are entirely replaced by computers.
Elliston Berry's life was turned upside down after a photo she posted on Instagram was digitally altered online to be pornographic.
FAA data shows that lithium battery fires on U.S. flights have risen 388% since 2015, now occurring nearly twice a week.
Members of Cash App founder Bob Lee's family had sharp criticism Tuesday for those close to Nima Momeni, who was convicted of second-degree murder in Lee's 2023 stabbing death in San Francisco.
Nima Momeni has been found guilty of second-degree murder in the fatal stabbing of Cash App founder Bob Lee, a verdict reached by a San Francisco jury after seven days of deliberations.
Some 13 oz. bags of Lay's Classic Potato Chips may contain an undeclared allergen, according to the snack company.
California Gov. Gavin Newsom issued an emergency proclamation on Wednesday in response to growing concerns over bird flu cases in the state and across the country.
Researchers at Stanford University believe a newly developed AI tool could help in the fight against cancer and other diseases.
Striking San Francisco hotel workers are attempting to discourage people from attending a major healthcare conference in January.
At least 364 pertussis cases were reported, marking the worst Thanksgiving week on record.
Fremont's recently elected Mayor Raj Salwan is blazing a new trail as the first Indian-American to lead the East Bay city.
The Senate confirmed two more judges to the federal bench on Friday, giving President Biden a total of 235 since he took office.
San Mateo County emergency officials are developing a new method of communication to reduce misinformation and confusion during earthquake and tsunami threats, following a massive earthquake that struck near Humboldt County in early December.
California regulators approved two more rate hike requests by Pacific Gas and Electric Thursday night, making it six this year.
"My phone was ringing off the hook," Republican Rep. Andy Barr said. "The people who elected us are listening to Elon Musk."
Police in Santa Cruz have arrested a man on suspicion of a hate crime after a LGBTQ+ bar in the city's downtown was vandalized early Tuesday morning.
The building located off Folsom Street will include 42 units for young adults ages 18 to 24.
San Jose State's volleyball team was the subject of a national debate about women in sports.
A look at key dates before and during the San Jose State women's volleyball season marked by multiple forfeits by teams claiming the Spartans have a transgender player.
San Jose State says it's disappointed that Boise State forfeited its semifinal match in the Mountain West women's volleyball tournament but is focused on the future.
Veteran East Bay R&B band Tower of Power plays classic funk and soul hits along with some seasonal holiday standards to the Fox Theater in Oakland Saturday night.
Surviving members of the Grateful Dead, Bobby Weir, Bill Kreutzmann, and Mickey Hart, revisit the Great American Music Hall in San Francisco.
One spectacular holiday light display in the East Bay takes its central inspiration not from Santa or Christmas elves, but canines.
Tory Lanaz, who is serving a 10-year prison sentence for shooting Megan Thee Stallion in the feet, is harassing her from prison through surrogates, the petition alleges.
Comedian Nikki Glaser, known for her honest style, is gearing up to host the 82nd Annual Golden Globes.
Ever since the COVID-19 pandemic, the Oakland Unified School District has seen an alarming spike in the number of unhoused students in the school system who deal with a host of challenges far beyond what most children face.
Meteorologist and CBS News Bay Area's resident pilot Lt. Jessica Burch got a treat during Fleet Week, taking to the skies with one of the Blue Angels.
A Bay Area man discovered his devastating loss left him with a new opportunity to rethink how he lives -- follow his journey in virtual reality, 360-degree video.
A groundbreaking medical study involving the UCSF Medical Center has shown some colorectal cancer patients can safely skip radiation treatment and enjoy a potentially higher quality of life.
Every day, San Francisco bar pilot Captain Zach Kellerman goes through what might just be the world's most dangerous commute.
Here's a look at the weather forecast.
At Bay Area food banks, there is a lot riding on the holiday season.
Oakland police said two people were killed Friday night after an altercation involving multiple people.
The CHP issued an Amber Alert for two children they say were abducted in King City.
The weekend before Christmas it typically the busiest day for shopping.
It's the most wonderful time of the year for a South Bay woman who has played Mrs. Claus for more than 40 years for the children of North San Jose's Alviso District.
For residents of the Oakland Hills, the prospect of another wildfire always remains a concern. This week's Jefferson Awards winner has made it his mission to make the hills and other high-risk areas safer.
In East Palo Alto -- where state education numbers show more than nine in ten public school students are low income and more than half are English learners -- many are finding hope and connection at the Boys & Girls Clubs of the Peninsula.
This week's Jefferson Award winner is Army veteran who continues to live a life of service into his 80s, by feeding hundreds of San Francisco families a week.
An Oakland woman has brought the joy of dance and an appreciation for African American culture to performers and audiences for 52 years.
A Bay Area man who overcame tremendous obstacles to excel in school has made it his mission to gear up other students for success in the classroom and in life.
For Students Rising Above scholar Josh Collins it took moving across the country to realize the value of his Bay Area family.
Samir Hooker had to grow up fast after his stepfather was shot dead 12 years ago. Now he is watching over his mom and sister while attending UC Berkeley.
It's hard enough to graduate from one of the most prestigious schools in the country when you're the first in your family to go to college. Imagine doing that while you're also trying to protect your parents from being deported?
Some students who are the first in their families to go to college face the challenge of balancing a rigorous academic load while still working to help support their family back home.