Toronto stocks recover after First Republic rescue package

📆 3/17/2023 4:01 AM
📰 Reuters

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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%.

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Seems like stocks everywhere recovered after that was announced lol

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