Other smaller- and mid-size banks were also doing better and helping to lead the market. Fifth Third Bancorp rose 8.8%, Zions Bancorp. rose 6.5% and Comerica climbed 7.7%.
Higher rates can undercut inflation by slowing the economy, but they raise the risk of a recession later on. They also hurt prices for stocks, bonds and other investments. That was one of the factors hurting But all the recent stress in the banking system has pushed Wall Street to believe the Fed likely won’t pick up the pace again on its rate hikes. Instead, the bet is that it will likely stick with an increase of 0.25 percentage points, according to data from CME Group.
Drastic recalibrations by investors for what the Fed will do with interest rates have caused historic swings in the bond market. Yields there have plunged since earlier this month.
There were no simple solutions left but the 'solution' found is a shady deal because it creates one giant Swiss bank which poses a giant risk for the future:
Not for long...
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Inside the New York Stock Exchange the day SVB collapsedHere's what it was like at the New York Stock Exchange the day Silicon Valley Bank collapsed, according to Wall Street's most famous trader
Source: BusinessInsider - 🏆 729. / 51 Read more »