U.S. stocks open mixed after regulators seize First Republic Bank, sell to JPMorgan Chase

U.S. stock indexes opened mixed after JPMorgan Chase & Co said Monday it has won the auction to take over fallen First Republic Bank after regulators seized the San Francisco-based lender, resulting in the third failure of an American bank in two months. The Dow Jones Industrial Average gained 51 points, or 0.

2%, to 34,148. The S&P 500 was down 0.1%, while the Nasdaq Composite declined by 0.2%. JPMorgan Chase has won the auction to take over fallen First Republic Bank and acquired all of the troubled lender's deposits and"substantially all the assets," according to a release on Monday morning. JPMorgan's shares opened...

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First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank FailureThe deal will see JPMorgan take on all of First Republic’s $103.9 billion in deposits and buy most of its $229.1 billion in assets. It heads off a chaotic collapse that threatened to reignite the recent banking crisis.
Source: WSJ - 🏆 98. / 63 Read more »