Regional banks rally after getting hammered last week
CBSN
Regional banks continued to rally on Monday and shook off the steep market losses they experienced last week.
PacWest shares shot up 20% in early trading on Monday, while Western Alliance and Zions rose 3%. The rebound comes after midsize lenders saw their shared nosedive following the sudden collapse of Silicon Valley Bank and Signature Bank, and more recently with JPMorgan Chase's emergency takeover last week of First Republic Bank.
Despite the recent turbulence in banking, PacWest "remains fundamentally sound," CEO Paul Taylor said Friday in announcing that the $44 billion bank would cut its quarterly dividend.
Washington — The Senate is closing in on a deal to fund the bulk of the Department of Homeland Security and end the partial government shutdown that has stretched six weeks and snarled air travel. Seiji Yamashita and Alan He contributed to this report.
Ford Motor Co. is recalling 254,640 Lincoln and Explorer vehicles due to a software issue that may disrupt the rearview camera and other features intended to enhance safety while driving. Edited by Aimee Picchi In:
The Trump administration deployed ICE and other Homeland Security agents to 14 of the nation's airports on Monday to help shuttle passengers through overcrowded TSA checkpoints. In one airport, the security line wait-time was up to six hours. Nicole Sganga and Kaia Hubbard contributed to this report. In:
One of South Africa's most notorious apartheid police commanders testified on Monday at an inquiry into the killing of four activists in 1985 as part of the country's renewed focus on atrocities committed by security forces during decades of forced racial segregation that went unpunished. In:
Secretary of State Marco Rubio is expected to testify in federal court Tuesday in the ongoing criminal trial of former Florida Congressman David Rivera, who is accused of secretly lobbying for the Venezuelan government during the first Trump administration.
A U.S. Park Police officer was seriously wounded Monday evening in a shooting in Washington, law enforcement officials said.
A large explosion at a Valero oil refinery near the Texas Gulf coast Monday shot plumes of smoke into the air and forced some nearby residents to shelter in place. In:
The Defense Department said Monday it will remove media outlets' office spaces from the Pentagon after a federal judge sided with The New York Times in a lawsuit challenging limits on reporters' access to the building. In:
Washington — The Senate confirmed Markwayne Mullin as secretary of the Department of Homeland Security on Monday, finalizing President Trump's shakeup of DHS following months of scrutiny of Kristi Noem's leadership.
A civil jury in California found Monday that Bill Cosby was liable for drugging and sexually assaulting a woman in 1972 and awarded her $19.25 million. In:
With nearly 40% of TSA employees at George Bush Intercontinental Airport calling out as the partial government shutdown drags into a sixth week, Houston has a problem. In:
House Republicans announced Monday that Congress will mount an investigation into "rampant hospice fraud," alleging that potentially tens of millions in taxpayer funds may have been lost in improper payments to Southern California companies. In:
Polymarket is moving to quash insider trading as prediction markets face scrutiny over whether some users draw on classified or other closely held information to gain an edge in betting on events. Edited by Alain Sherter In: