Stocks Rise as Banks Power Broad Market Rebound
A choppy Wall Street session ended higher with banks led gains and the S&P 500 up 0.2 percent while the Dow rose 0.6 percent and the Nasdaq fell 0.5 percent. First Citizens surged 53.7 percent on SVB takeover talks, with other banks also strengthening amid ongoing rate pressures and recession risk.
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First Citizens to Buy Silicon Valley Bank
First Citizens Bank agreed to purchase about 72 billion dollars of Silicon Valley Bank assets at a discount of 16.5 billion dollars, with the FDIC backing all deposits and absorbing a 20 billion dollar hit. Regulators aim to restore trust in regional banks while lawmakers weigh expanding deposit insurance and tighter rules. The deal follows SVB's collapse amid a broader banking system scare, fueling hearings on supervision and regulatory changes.
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