First Republic jumps more than 20%, leads comeback rally in regional banks Tuesday

Investors hoped for some sort of strategic action by the troubled bank or another big regulatory move to stem the downward spiral in the sector.

First Republic shares soared 22% in Tuesday premarket trading, following a 90% plunge so far in March. Thereport by Bloomberg News

that the Treasury Department is studying whether regulators have the authority to temporarily insure deposits above the current Federal Deposit Insurance Co. cap without approval of Congress, citing people with knowledge of the talks. Though, the report said these government officials don't believe such drastic action is necessary yet.

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