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U.S. stocks finish sharply higher as First Republic gets rescue from banks

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U.S. stocks finished sharply higher on Thursday as a group of big banks deposited $30 billion with troubled lender First Republic Bank. The Dow Jones Industrial Average rose 371.98 points, or 1.2%, to 32,246.55:

CORRECTION: An earlier version of this pulse said stocks finished higher on Friday. U.S. stocks finished sharply higher on Thursday, erasing losses from earlier in the session, as a group of big banks deposited $30 billion with troubled lender First Republic Bank.

The S&P 500 SPX, +1.76% gained 68.36, or 1.8%, to close at 3,960.28, according to preliminary closing data from FactSet. The Dow Jones Industrial Average DJIA, +1.17% rose 371.98 points, or 1.2%, to 32,246.55. The Nasdaq Composite COMP, +2.48% gained 283.22 points, or 2.5%, to 11,717.28.

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This is a circle jerk. Withdraw your money from smaller banks so that the larger banks getting your deposits from the smaller banks can redeposit in the smaller banks

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