Eleven large US banks step in to shore up First Republic Bank’s coffers to stabilise the lender
Traders work on the floor of the New York Stock Exchange in New York, the US, March 15 2023. Picture: ANDREW KELLY/REUTERS
The latest twist in the regional banks saga came on the heels of a 50 basis point rate hike by the European Central Bank, which earlier in the day had dampened investor sentiment already hurt by fears of a banking crisis. Shares of JPMorgan and Morgan Stanley advanced, while the possibility of a rescue buoyed First Republic Bank.
Concerns about banks have rattled the stock market in recent days after the collapse of SVB Financial fuelled contagion fears. According to preliminary data, the S&P 500 gained 68.67 points, or 1.76%, to end at 3,960.60 points, while the Nasdaq Composite gained 283.85 points, or 2.48%, to 11,717.90. The Dow Jones industrial average rose 377.34 points, or 1.18%, to 32,251.91.
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