First Republic shares rise more than 20% in volatile trading as regional bank stocks try to rebound
Publishing timestamp: 2023-03-14 16:05:55
Summary
Regional banks, including First Republic, PacWest, and Charles Schwab, saw gains on Tuesday after a sharp sell-off on Monday. However, the SPDR S&P Regional Banking ETF (KRE) only rose 2%, and some banks struggled to hold onto their gains throughout the day. Despite the sell-off on Monday, there have not been widespread withdrawals from banks in recent days, according to an analyst. Confident statements from finance executives also helped support the rally. However, First Republic's shares came off their highs of the day after S&P Global put the bank's credit rating under review with negative implications, citing volatile deposit flows. Moody's Investors Service also downgraded its view on the U.S. banking system to negative from stable.
Sentiment: MIXED
Tickers: KEY, WAL, KRE, ZION, PACW, FRC, SCHW,
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