Home ›› 29 Mar 2023 ›› Stock
The S&P 500 index slipped on Tuesday after a three-day rally fueled by support measures for the banking sector and a deal for Silicon Valley Bank assets.
Bank shares rebounded sharply on Monday after First Citizens BancShares Inc (FCNCA.O) said it would acquire the deposits and loans of Silicon Valley Bank, whose collapse earlier this month sparked a selloff in the sector.
Shares of First Citizens climbed 3.5per cent after surging more than 50per cent on Monday.
The KBW regional banking index (.KRX) slipped 0.1per cent, while the big U.S. banks including JP Morgan Chase & Co (JPM.N), Bank of America (BAC.N) and Citigroup (C.N) were up marginally.
“But there are still enough unknowns that the market hasn’t really declared an all-clear signal yet.”
Lawmakers are expected to put US bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress later on Tuesday.
