The ratings agency said that the Fed's emergency $25 billion program to backstop banks and protect depositors will 'reduce contagion risks.' The new Moody's report projected that the Federal Reserve will continue raising interest rates at its meeting next week, warning that this 'could deepen some banks' challenges.' The Big Four of trillion-dollar banks also rose, leading Wall Street's main stock indexes higher for the session.īank of America ticked up 0.88 percent, Citigroup rose 5.95 percent, JPMorgan Chase hiked 2.57 percent and Wells Fargo jumped 4.58 percent. PacWest climbed 34 percent and Western Alliance rose 14 percent. First Republic shares lost over 60 percent on Monday but surged the following dayīut at the closing bell, shares of troubled regional bank First Republic leapt 27 percent, after a record 62 percent plunge in the prior session. Exterior view of a First Republic Bank branch in Palm Beach City.
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