(Photo by ANGELA WEISS/AFP via Getty Images)
- US stocks closed higher Thursday, swinging from earlier losses.
- First Republic Bank will receive a $30 billion deposit from larger rivals.
- JPMorgan earlier estimated the Fed's emergency loan program may inject $2 trillion into the US banking system.
US stocks staged a relief rally Thursday as Wall Street banks agreed to aid First Republic Bank after Silicon Valley Bank's implosion last week rocked the industry and forced regulators to dampen contagion risks.
Stocks reversed earlier losses as reports about a liquidity deal for First Republic Bank rolled in. A group of banks led by JPMorgan, Bank of America, and Citigroup later confirmed plans to deposit $30 billion into the embattled San Francisco-based lender.