San Francisco-based First Republic was up 51%, bouncing back after suffering a 90% drop this month — including nearly a 50% plunge on Monday.
Shares of First Republic Bank surged more than 50% on Tuesday — latching onto a major rebound of regional bank stocks — after Treasury Secretary Janet Yellen pledged support to US banks in a bid to tamp down fears of financial contagion.that the federal government is ready to step in to help other troubled lenders“The steps we took were not focused on aiding specific banks or classes of banks. Our intervention was necessary to protect the broader US banking system,” Yellen said.
Fears of contagion in the regional banking sector triggered a market rout last week that has not been seen since Russia invaded Ukraine, a Bank of America’s Global Fund Manager Survey showed. Treasury Department officials are looking into whether federal regulators have enough emergency authority to insure deposits above the current $250,000 cap on accounts without the consent of Congress, For now, the US government will step in and protect depositors, 50 Park Investments CEO Adam Sarhan said.
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