![]() ![]() Much focus has been on First Republic Bank, which in some ways is similar to Silicon Valley Bank. ![]() Such runs can topple a bank, and investors have since been hunting for the next one that could fall. Those banks had struggled as depositors rushed to pull their money out en masse. They were the second- and third-largest U.S. government said it would make all depositors at Silicon Valley Bank and Signature Bank whole. “And so markets have been able to calm down.”Įarlier this month, the U.S. “Janet Yellen coming out and saying should other deposits need to be protected, they’re willing and able to do that, I think that’s a very strong statement,” said Mary Ann Bartels, chief investment strategist at Sanctuary Wealth. That could mean making sure customers at a weakened bank get all their money, even those with more than the $250,000 limit insured by the Federal Deposit Insurance Corp. Yellen told a bankers’ group more government assistance “could be warranted” if risks arise that could bring down the system. The Dow Jones Industrial Average rose 1% to 32,560.60, while the Nasdaq composite jumped 1.6% to 11,860.11. Tuesday on Wall Street, the S&P 500 rose 1.3% to lock in its first back-to-back gain since Silicon Valley Bank’s rapid failure began two weeks ago. The Kospi in South Korea climbed 1% to 2,412.94. Hong Kong's Hang Seng index advanced 1.9% to 19,629.21 and the Shanghai Composite index added 0.3% to 3,263.85.Īustralia's S&P/ASX 200 jumped 0.9% to 7,016.40. In Asian trading, Tokyo's Nikkei 225 surged 2.1% to 27,501.24, catching up on gains after the market was closed on Tuesday for a holiday. This week's rally now runs into a huge test with the Fed decision. Markets around the world have pinballed sharply this month on worries the banking system may be cracking under the pressure of the fastest set of hikes to interest rates in decades. ![]()
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