First Republic shares shares have taken a beating this week, slumping 66%, in a widespread bank selloff after the recent collapse of SVB Financial and Signature Bank.
even as the country’s largest banks came to the rescue of troubled regional lender First Republic Bank.
The Dow Jones Industrial Average plummeted 401 points, or 1.3%, to 31,833, the Nasdaq slid 0.9% and the S&P 500 was down 1.2%. on Thursday, calming some nerves and helping stocks notch gains in the previous session.
Investors are now looking ahead to the Federal Reserve’s interest rate decision, due next week, to gauge how it will tame inflation.Big US banks including JPMorgan, Citigroup and Wells Fargo were also down between 1.7% and 3.1%. “Deposits have fled from regional banks like First Republic into the big banks who are now bailing them out by putting the deposits back in. But it doesn’t solve the problem,” said Thomas Hayes, chairman at Great Hill Capital LLC.
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