First Republic and other regional bank stocks surge as Yellen sees crisis 'stabilizing' and big lenders eye more support

Tue, 03/21/2023 - 12:14

A man rides a bicycle past the First Republic Bank branch in Santa Monica, California.
PATRICK T. FALLON/AFP via Getty Images

First Republic and other bank stocks surged Tuesday on ebbing fears about the banking crisis.
Treasury Secretary Janet Yellen said the government could provide more backing for deposits.
Shares of PacWest and JPMorgan were among gainers, and the S&P 500 Financials Sector rose 2%.

First Republic Bank was a standout among bank shares that jumped Tuesday as Treasury Secretary Janet Yellen offered reassurance to US depositors following the demise of Silicon Valley Bank this month.