Stock futures surge higher as concerns about SVB prompt emergency intervention
U.S. equity markets traded higher Sunday afternoon, in the aftermath of the failure of Silicon Valley Bank SIVB, -60.41% on Friday, as regulators unfurled a batch of measures to help limit the fallout from the second-largest bank failure in U.S. history and the first since the 2008-09 financial crisis.
“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the president, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, Calif., in a manner that fully protects all depositors,” a joint statement said.
Over the weekend, the FDIC was holding an auction for the assets of failed SVB, according to reports. Investors are assessing the SVB bank failure to see if it complicates the Fed’s plans to raise interest rates further and potentially faster than previously expected in its bid to tamp down inflation.
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