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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.
California voters will soon decide the fate of Proposition 36, weighing whether to roll back criminal justice reforms from a contentious 2014 ballot measure that lessened the penalties for some crimes including theft and drug possession.
One of the 10 ballot measures California voters are considering in the November election, Proposition 35 aims to increase funding for Medi-Cal services relied on by millions in the state.
California Proposition 34 would set up rules requiring certain providers to spend 98% of their revenues from federal discount prescription drug programs on direct patient care, with penalties for those who fail to comply.
California voters are weighing whether to approve Proposition 33, which would greatly expand the control local government has over residential rents, allowing cities to cap prices for tenants.
In the decade leading up to Proposition 32's placement on the ballot this year, California has doubled its minimum wage from $8 an hour to $16.
One of the 10 ballot measures California voters are considering in the November election, Proposition 35 aims to increase funding for Medi-Cal services relied on by millions in the state.
California Proposition 34 would set up rules requiring certain providers to spend 98% of their revenues from federal discount prescription drug programs on direct patient care, with penalties for those who fail to comply.
California voters are weighing whether to approve Proposition 33, which would greatly expand the control local government has over residential rents, allowing cities to cap prices for tenants.
In the decade leading up to Proposition 32's placement on the ballot this year, California has doubled its minimum wage from $8 an hour to $16.
California Proposition 6 would amend the state constitution to remove a provision allowing jails and prisons to impose involuntary servitude on inmates and to discipline those who refuse to work.
Several canvassers were still going strong on the corner of Market and Castro, using every last second to talk to as many voters as possible.
A highly disputed video was shown in court Monday that prosecutors said showed Nima Momeni re-enacting the stabbing of Bob Lee.
On the eve of Election Day, one of the candidates in the crowded race for San Francisco mayor was just hit with a record ethics fine.
A jury in San Francisco has convicted a man in connection with armed robberies in the Mission District in 2022, prosecutors said.
Election Day is less than two days away, but the majority of San Franciscans' ballots have not been returned yet.
A pair of Albany High School students are working to give their peers and future students a voice in local elections.
Part of Interstate 880 in Oakland was closed Monday evening due to a vehicle fire, the California Highway Patrol said.
Livermore police arrested a woman early Friday morning for allegedly having a firearm, drugs and several stolen items in her vehicle.
It was a steady weekend at the local elections offices with early voters stopping by to pick up and drop off ballots and in Oakland, weekend voters said they felt good to have done their part.
An East Bay man is celebrating his Apache heritage and his love of Oakland through his artwork.
A San Jose man suspected of more than 110 retail thefts has been arrested on grand theft charges, police announced Monday.
The Santa Clara County Sheriff's office said they would be ramping up security and monitoring for any threats as voters head to the polls on Election Day.
A San Jose man suspected of starting a fire inside a business was arrested in early October, police said.
Voters in Santa Clara County will be able to get to the polls for no cost on Election Day, after the Santa Clara Valley Transportation Announced that they will offer free rides.
A small plane made an emergency landing and forced the closure of southbound lanes on busy Highway 85 in Cupertino for hours Monday morning, authorities said.
Whether because of age or just heightened interest in this year's election, a lot of people are casting ballots for the first time.
A boater was found dead and another was missing off the Sonoma County coast near Bodega Bay Monday after the second fatal boating accident in the area in less than 48 hours, authorities said.
Police in Petaluma arrested three minors this weekend following a large melee at a shopping center Halloween night, the department said Sunday.
A search for the remaining four missing boaters in Bodega Bay has been suspended, the Coast Guard said Sunday night.
An annual report card on the Bay Area's local roads and streets released Thursday found no change overall in regional pavement conditions across the past several years, though some cities saw marked improvements.
Stephen Curry scored 18 of his 24 points in the second half in his return from an ankle injury and the Golden State Warriors won their fourth straight game, 125-112 over the Washington Wizards.
San Francisco 49ers All-Pro running back Christian McCaffrey returned to practice for the first time in nearly two months as he hopes to return from an Achilles tendon injury for the second half of the season.
The A's have officially dropped "Oakland" from their name.
After an injury-plagued, shaky first half of the season for the defending NFC champion San Francisco 49ers, the team is hoping to follow a similar pattern to the past two seasons.
San Francisco third baseman Matt Chapman won his fifth Gold Glove and catcher Patrick Bailey was among 14 first-time winners of baseball's most famous fielding honor.
A highly disputed video was shown in court Monday that prosecutors said showed Nima Momeni re-enacting the stabbing of Bob Lee.
A San Jose man suspected of more than 110 retail thefts has been arrested on grand theft charges, police announced Monday.
A San Jose man suspected of starting a fire inside a business was arrested in early October, police said.
Livermore police arrested a woman early Friday morning for allegedly having a firearm, drugs and several stolen items in her vehicle.
A jury in San Francisco has convicted a man in connection with armed robberies in the Mission District in 2022, prosecutors said.
A who's who of SF politics gathered to celebrate a $55 million grant awarded by the EPA to the city to help complete a high-speed zero-emission ferry network.
Apple snapped out of a recent iPhone sales slump during its summertime quarter.
Reddit's stock leaps nearly 40% after the social media company reported a quarterly profit amid strong user growth.
A new security system installed in a San Jose shopping center promises to reduce crime in for small businesses.
Google is still thriving while the company navigates through a pivotal shift to artificial intelligence and battles regulators trying to topple its internet empire.
Several Bay Area counties have reinstated mask mandates at health care facilities to coincide with the beginning of respiratory virus season.
South Bay residents and businesses are urged to be vigilant about standing water on their properties, as the invasive Aedes ageypti mosquito has been found in more locations despite eradication efforts.
One week before Election Day and voters across the country were filling out their ballots. Along with that warm sense of civic pride, there may be another feeling: anxiety.
October is Breast Cancer Awareness Month, and one Santa Clara soccer player is working to raise money on and off the field to go toward a local health program.
Some pathogens that contaminate food are even showing up in the U.S. for the first time thanks to climate change.
California voters will soon decide the fate of Proposition 36, weighing whether to roll back criminal justice reforms from a contentious 2014 ballot measure that lessened the penalties for some crimes including theft and drug possession.
One of the 10 ballot measures California voters are considering in the November election, Proposition 35 aims to increase funding for Medi-Cal services relied on by millions in the state.
California Proposition 34 would set up rules requiring certain providers to spend 98% of their revenues from federal discount prescription drug programs on direct patient care, with penalties for those who fail to comply.
California voters are weighing whether to approve Proposition 33, which would greatly expand the control local government has over residential rents, allowing cities to cap prices for tenants.
In the decade leading up to Proposition 32's placement on the ballot this year, California has doubled its minimum wage from $8 an hour to $16.
Festivities began Friday for Dia de los Muertos -- or Day of the Dead, with those who celebrate preparing altars to honor family members who have passed.
A jury in Santa Clara County on Wednesday convicted a Milpitas man of murder for killing his transgender partner in 2021, prosecutors said.
On Tuesday, the battle for LGBT rights took a new turn when the Pentagon announced that it was proactively changing the discharge status to "honorable" for hundreds of service members expelled for being gay during the "don't ask, don't tell" era.
John Ramos reports on the Pentagon announcing it will change the discharge status to "honorable" for hundreds expelled during "don't ask, don't tell" era.
An honorable discharge status unlocks access to critical benefits that some veterans may have been missing out on for decades.
Quincy Jones, the multi-talented music legend who collaborated with everyone from Michael Jackson to Frank Sinatra, has died at 91, his family announced.
Brilliant British songwriter and guitarist Richard Thompson brings his current full-band tour to the Bay Area starting Wednesday, playing dates in Grass Valley, Napa and San Francisco.
While kids were trick or treating Halloween night, some in San Francisco partied adult style at the "Nightmare on Front Street," the latest event held in the city's designated "entertainment zone."
San Francisco's first established "entertainment zone" on Front St. will host its second free event on Halloween that kicks off Thursday afternoon at 2 p.m.
A part of music and film history preserved by a group of Bay Area artists is in limbo, as building that has housed Arhoolie Records, Les Blank Films and Down Home Music for nearly half a century could soon be sold.
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.
Kelsi Thorud reports on canvassers making a final push for their propositions on the night before the election. Website: http://kpix.com/ YouTube: http://www.youtube.com/CBSSanFrancisco Facebook: https://www.facebook.com/CBSSanFrancisco Instagram: https://www.instagram.com/kpixtv/ Twitter: https://twitter.com/KPIXtv
Kara St. Cyr reports on how volunteers are continuing to make a push on the day before the election. Website: http://kpix.com/ YouTube: http://www.youtube.com/CBSSanFrancisco Facebook: https://www.facebook.com/CBSSanFrancisco Instagram: https://www.instagram.com/kpixtv/ Twitter: https://twitter.com/KPIXtv
John Ramos reports on a North Bay organization that encourages eligible Latino residents to exercise their right to vote.
CBS News Bay Area evening edition headlines for Nov. 4, 2024. Watch full newscasts streamed at the CBS SF website or on the app.
Itay Hod reports on two Albany High students who are pushing for Measure V to pass, which would give 16-year-olds voting rights in local elections. Website: http://kpix.com/ YouTube: http://www.youtube.com/CBSSanFrancisco Facebook: https://www.facebook.com/CBSSanFrancisco Instagram: https://www.instagram.com/kpixtv/ Twitter: https://twitter.com/KPIXtv
This week's Jefferson Award winner is a Berkeley woman who has promoted child literacy for four decades, as host of a community TV show encouraging young poets.
With hate crimes on the rise in the U.S., a pair of Oakland women have been equipping people with self-defense tools for free.
If a picture is worth a thousand words, what are two million photos worth? A history of Asian Americans in the Bay Area, for this week's Jefferson Award winner.
While stroke rehabilitation is often a difficult road, a South Bay couple is providing local patients some valuable support.
For nearly 50 years, a Vietnam veteran from San Francisco has served as a national champion for military veterans.
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.