US stocks were mixed on Monday as markets assessed the the sale of Silicon Valley Bank's assets to First Citizens Bank and digested reports of potentially more aid for banks from the government.
Major indexes were mostly higher throughout the day on Monday, with the Nasdaq giving up gains to end in the red. for a $16.5 billion discount. The news spurred a rebound in regional bank stocks, which have been under pressure since SVB imploded earlier this month. Also helping bank shares was a report from Bloomberg over the weekend that more government support could be offered to banks in part to helpfurther stabilize. Shares of the California-based lender climbed 27% in early morning trading to end the day 12% higher. PacWest rose as much as 10% in the early morning, ending about 3% higher.
The Senate Banking Committee us set to hold a hearing on the recent banking sector turmoil on Tuesday. Eyes are also on key economic data releases this week, with investors expecting the Conference Board's Consumer Confidence report to roll out on Wednesday, and the Personal Consumption Expenditures index–the Fed's preferred inflation measure—to come out on Friday.
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