- US stocks closed higher Thursday, swinging from earlier losses.
- First Republic Bank will receive a $30 billion deposit from larger rivals.
US stocks staged a relief rally Thursday as Wall Street banks agreed to aid First Republic Bank after Silicon Valley Bank's implosion last week rocked the industry and forced regulators to dampen contagion risks.
Stocks reversed earlier losses as reports about a liquidity deal for $4 rolled in. A group of banks led by JPMorgan, Bank of America, and Citigroup later confirmed plans to deposit $30 billion into the embattled San Francisco-based lender.
First Republic Bank shares soared after plunging in recent days. $4 turned higher, with$4 it too was in talks with investment firms to receive funding.
Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:
- S&P 500>$4: 3,960.28, up 1.76%
- Dow Jones Industrial Average>$4: 32,246.55, up 1.17% (371.98 points)
- Nasdaq Composite>$4: 11,717.28, up 2.48%
JPMorgan on Thursday estimated that the Federal Reserve's emergency lending program $4.
The Fed set up the Bank Term Funding Program to prevent a run on deposits at banks like the kind that swarmed Silicon Valley Bank after it sold a bond portfolio for a $4 last week.
Embattled $4 also landed help, with the Swiss National Bank $4 late Wednesday.
Here's what else is happening today:
- $4 said the SVB collapse could be a good development if it "knocks some reality" into the Fed to pause rate hikes.
- $4 transferred $2.2 billion to his personal account from parts of his crypto empire.
- $4 spent nearly $500 million on Occidental stock in three days.
- $4 says it'll be bad news for stocks if the Fed pauses rate hikes because of the banking panic.
In commodities, bonds and crypto: