Stock market today: Tokyo gains, most world markets closed
CTV
Shares advanced Monday in Tokyo and Sydney while most world markets were closed for May 1 holidays.
Shares advanced Monday in Tokyo and Sydney while most world markets were closed for May 1 holidays.
Traditional Labor Day holidays around the globe limited initial global market reactions to the Federal Deposit Insurance Corp.'s announcement that regulators had seized troubled First Republic Bank and will sell its assets to JPMorgan Chase Bank.
San Francisco-based First Republic was viewed as the likely weakest link, in an industry strained by surging interest rates, due to its high amount of uninsured deposits and exposure to low interest rates. It would be the third midsize lender to fail in two months after the failure of Silicon Valley Bank in early March.
The bank's stock closed at $3.51 on Friday, a fraction of the roughly $170 a share it traded for a year ago. On Monday, it fell 31.9% to $2.39 a share in before hours trading. JPMorgan Chase & Co.'s shares gained 3% to $142.40 a share.
In Asian trading Monday, Tokyo's Nikkei 225 index added 0.9% to 29,123.18 and the S&P/ASX 200 in Sydney advanced 0.5% to 7,344.20. Other markets in the region were closed.
The futures for the S&P 500 and the Dow industrials edged less than 0.1% higher.
On Friday, the S&P 500 gained 0.8%, clinching a second straight winning month. The Dow Jones Industrial Average climbed 0.8% and the Nasdaq composite gained 0.7% to 12,226.58.
