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First Republic leads bank stocks' comeback after SVB-fueled selloff

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First Republic leads a comeback for bank stocks that cratered in the SVB-fueled selloff

The three bank stocks are rebounding from a rout Monday, when they were dragged down by fears about the fallout from SVB's collapse. First Republic plunged to close 62% lower in the session, while PacWest shed 21%, and Western Alliance lost 47%.

"Once we move away from initial shock rather than painting everyone with the same brush, there is a tendency to scrutinize the models a bit more, the banks' deposit bases and access to liquidity," Wells Fargo Investment Institute strategist Gary Schlossberg said, per"There has been no foot-dragging by the government, we could even see more steps down the road to stabilize the system," he added.

 

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