Toronto stocks recover after First Republic rescue package

📆 3/17/2023 4:01 AM
📰 Reuters

⏱ Reading Time:
23 sec. here
2 min. at publisher
📊 Quality Score:
News: 12%
Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Canada's main stock index closed higher on Thursday, rebounding from initial losses on news that First Republic Bank received $30 billion in deposits from several big banks as part of a rescue package.

around financial stocks even after Credit Suisse had secured a credit line of up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence.

"Today marked a key reversal for the TSX," said Brandon Michael, senior investment analyst at ABC Funds. "The problem is it's heavy in financials and energy stocks, which tend to do well in a higher interest rate environment ... and as a result of the regional banking crisis, investors are recalibrating their interest rate expectations."rose 0.5% after starting the day losing 1.9% as oil prices fell more than 1%.

Write Comment

Seems like stocks everywhere recovered after that was announced lol

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

STOCK MARKET NEWS: Credit Suisse borrows $54B, First Republic shares sink, Dollar General’s outlookCredit Suisse gets $54 billion loan as banking contagion fears hit market, First Republic mulling options, Dollar General’s forecast, housing starts and jobless claims. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Source: FoxBusiness - 🏆 458. / 53 Read more »