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%.
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