US stocks close up as major banks race to rescue First Republic


“The Dow closed higher Thursday, as reports major Wall Street banks pledged billions to rescue First Republic Bank, bringing calm to markets following days of turmoil. The Dow Jones Industrial Average gained 1.2%, or 371 points, the S&P 500 was up 1.8%, and the Nasdaq Composite added 2.5%. First Republic Bank jumped 10% helping push the broader financials up more than 2% as a group of major Wall Street banks including Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup and others pumped billions in deposits into the beleaguered bank. First Republic creditworthiness was downgraded to junk status a day earlier. Sentiment on bank stocks was further approved [sic] after Credit Suisse tapped the Swiss National Bank lifeline, borrowing up to $54 billion to shore-up liquidity. The Swiss banking giant came under distress a day earlier when its largest shareholder Saudi National Bank said it wouldn’t be able to provide further funding to the bank.” (03/16/23)