Bank stocks help Wall Street recover – SVB buyers First Citizens gain 54 percent

new York US bank First Citizens BancShares’ takeover of deposits and loans from the ailing Silicon Valley Bank (SVB) has eased fears of more bank failures on Wall Street. The Dow Jones index of standard values ​​closed 0.6 percent higher on Monday at 32,432 points. The technology-heavy Nasdaq, on the other hand, fell 0.5 percent to 11,768 points. The broad S&P 500 gained 0.2 percent to 3977 points.

US investors grabbed bank stocks in particular at the beginning of the week. “There is relief that First Citizen Bank, one of America’s largest family-controlled banks, has come to the rescue,” said finance expert Susannah Streeter of wealth manager Hargreaves Lansdown. “Some calm has returned to the banking sector, but hopes that this move will result in significant stabilization may be short-lived.”

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