Main indexes, on Wall Street, climbed on Monday as worries about the banking sector eased following a buyout deal for the deposits and loans of the collapsed US Silicon Valley Bank.
The deal is about First Citizens’ acquisition of parts of Silicon Valley Bank which collapsed earlier in March in the largest bank failure since the 2008 financial crisis, unleashing fears about a liquidity crunch in the sector.
First Citizens’ shares jumped 44.7%, while First Republic Bank surged 27% on a report that US authorities were considering more support for banks, which could give the embattled regional lender more time to shore up its balance sheet.
European bank shares also rebounded from declines last week when a spike in Deutsche Bank’s credit default swaps, a type of insurance for bondholders, had exacerbated worries about the health of banks in the region.
The Dow Jones Industrial Average was up 283.97 points, or 0.88%, at 32,521.50, the S&P 500 was up 27.07 points, or 0.68%, at 3,998.06, and the Nasdaq Composite was up 34.75 points, or 0.29%, at 11,858.71. Tesla rose 3% with Barclays expecting the electric carmaker’s first-quarter deliveries to beat estimates.
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