CNBC Daily Open: First Citizens struck a great bargain
Publishing timestamp: 2023-03-28 01:25:58
Summary
First Citizens Bank's purchase of Silicon Valley Bank's assets at a discount of $16.5 billion signaled to markets that there was still value in SVB's reputation and relationship with its clients. Troubled banks like First Republic and KeyCorp rallied on news of potential liquidity support and upgrades from Citi, respectively. However, technology shares faced difficulties as the S&P 500 information technology sector's valuation rose more than 30%.
Sentiment: MIXED
Tickers: FRC, GOOGL, AAPL, BABA, PACW, KEY, META, FCNCA, .BBKA,
Keywords: first citizens bancshares inc (delaware), banks, apple inc, markets, world markets, business news, first republic bank, economic events, keycorp, pacwest bancorp, meta platforms inc, alibaba group holding ltd, jack ma, alphabet inc, deutsche bank ag,
Source: https://www.cnbc.com/2023/03/28/stock-markets-first-citizens-struck-a-great-bargain.html