Stock market today: Dow rallies as major banks race to rescue First Republic By Investing.com

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*DOW RALLIES 370 POINTS, NASDAQ SURGES 2.5% AS MAJOR BANKS RACE TO RESCUE FIRST REPUBLIC $DIA $SPY $QQQ 🇺🇸🇺🇸

) 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.

Bank of America, Citigroup, JPMorgan Chase and Wells Fargo said they would inject $5 billion each in uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley each made an uninsured deposit of $2.5 billion, and BNY Mellon, PNC Bank, State Street, Truist and U.S. Bank made an uninsured deposit of $1 billion, for a total deposit from the eleven banks of $30 billion.

Sentiment on bank stocks was further approved 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.

The relative calm in the banking sector after days of turmoil restore investor bets on the Federal Reserve pursuing further rate hikes next week.“For the upcoming FOMC meeting, we still see the Fed following through with a 25bp hike in response to persistent inflationary pressures and a very strong labor market,” {{Morgan Stanley}} said in a note.

 

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