Bank stocks bounce back day after wipeout on contagion fears

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The Dow Jones Industrial Average and the Nasdaq composite also rose.

Bank shares in Europe steadied, showing only modest losses. The STOXX Banks index comprising 21 leading European lenders dipped 0.8%, following steep plunges Monday that had some banks down more than 10% in intraday trading.

While risks outside the U.S. appear limited, the collapses of Silicon Valley Bank and Signature Bank have shaken confidence in the industry at a time when the Federal Reserve and other central banks are struggling to without snuffing out post-pandemic economic recoveries. At midday, France’s CAC 40 rose 0.9%, Germany’s DAX added 1.1% and Britain’s FTSE 100 inched up 0.3%.

Japanese officials have insisted that the impact on the country’s banks from troubles in the U.S. industry would likely be limited. But bank shares plunged.

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