Toronto stocks recover after First Republic rescue package

📆 2023/03/17 06:01:00
📰 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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STOCK MARKET NEWS: Credit Suisse borrows $54B, First Republic shares sink, Dollar General’s outlookCredit Suisse gets $54 billion loan as banking contagion fears hit market, First Republic mulling options, Dollar General’s forecast, housing starts and jobless claims. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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