Bank stocks rise as Wall Street panic subsides
CBSN
Regional banks are rebounding from Monday's heavy losses on Wall Street stemming from the abrupt seizure of Silicon Valley Bank and Signature Bank by state regulators.
Shares of First Republic Bank, which plunged as much as 70% yesterday in intraday trading, shot up 50% on Tuesday, while Western Alliance jumped 33% after a 70% drop on Monday. Other lenders that suffered double-digit declines also recovered some ground, including Comerica, Fifth-Third Bank, Huntington Bank, Key Bank and Zions Bank.
The KBW Bank Index, which tracks 24 big and regional bank stocks, rose 5.5%, a sign that the panic gripping the banking sector on Monday was receding. In afternoon trading the S&P 500 was up 40 points, or 1%, to 3,896, while the Dow rose 0.5% and the tech-heavy Nasdag gained 1.5%.
The founder of First Brands and his brother were indicted on fraud charges Thursday, the latest development in a legal saga involving the beleaguered auto parts company, which filed for bankruptcy in September. Edited by Aimee Picchi In:
Uber wants to capitalize on the emergence of self-driving cars — not by handing the wheel to AI-powered drivers, but rather by tapping the mountain of potentially valuable data the rideshare company could collect in the billions of trips it handles every year. Edited by Alain Sherter
As the Trump administration continues to prepare military options for strikes in Iran, U.S. allies in the Mideast, including Turkey, Oman and Qatar, are attempting to head off that possibility by brokering diplomatic talks, multiple regional officials told CBS News. Camilla Schick and Eleanor Watson contributed to this report.
Unlike the buoyant U.S. stock market, the dollar is sinking fast. Edited by Alain Sherter In:
Researchers at Oregon State University have collected new data about an elusive forest carnivore "renowned for its cuteness" that was nearly driven to extinction in the 20th cetury. In:
Washington — President Trump will sign an executive order Thursday afternoon to coordinate a federal government response to drug addiction and substance abuse. Jennifer Jacobs contributed to this report.
Some American citizens have begun carrying their passports in Minneapolis, fearful that they'll be mistaken for undocumented immigrants and detained amid a surge of federal agents to the city. In:
Another winter storm may be headed toward the East Coast of the United States this weekend, on the heels of a powerful and deadly system that blanketed huge swaths of the country in snow and ice. The effects of that original storm have lingered for many areas in its path, and will likely remain as repeated bouts of Arctic air plunge downward from Canada and drive temperatures below freezing. Nikki Nolan contributed to this report. In:
Paying for health care has become Americans' top financial worry after Congress failed last year to extend some Affordable Care Act subsidies, triggering premium spikes for millions, a new survey finds. Edited by Aimee Picchi In:
Immigration may have been a political liability for Democrats in 2024. But two years later, it's shaping up to be a top issue they're relying on to galvanize support and mobilize their base.
The Emmy Award-winning "CBS News Sunday Morning" is broadcast on CBS Sundays beginning at 9:00 a.m. ET. "Sunday Morning" also streams on the CBS News app beginning at 11:00 a.m. ET. (Download it here.)
Washington — Senate Homeland Security Committee Democrats are calling on Secretary Kristi Noem to testify before the panel "without delay," following the fatal shootings of two U.S. citizens by federal immigration agents in Minneapolis this month.
Washington — Democrats on Capitol Hill are raising concerns with the FBI's search of an elections office in Fulton County, Georgia, and warning that the operation is an example of President Trump using federal law enforcement to intimidate voters and undermine democracy.