U.S. stocks are rising after regional banks stage a rally

FxPremiere.com — Telegram FX Signals site – U.S. stocks were rising in late morning trading on Thursday, clawing back earlier losses as regional banks staged a rally.

At 11:37 ET (15:37 GMT), the Dow Jones Industrial Average was up 115 points or 0.4%, while the S&P 500 was up 0.9% and the Nasdaq was up 1.6%.

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First Republic Bank (NYSE:FRC) shares tumbled 25% on fears of a widening bank crisis. The Wall Street Journal reported that big banks including JPMorgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) were considering a cash infusion for First Republic. The SPDR® S&P Regional Banking ETF (NYSE:KRE) turned positive, up 0.2%. live trading signals

Credit Suisse Group (NYSE:CS) shares were up 3.9% after it said it got a credit line up to $54 billion from the Swiss National Bank, helping to bolster liquidity.

Dollar gains as central banks take central stage

The European Central Bank raised rates by a half percentage point, though the Federal Reserve is not expected to follow suit next week. Most futures traders are factoring in a quarter of a percentage point rate increase from the Fed after its meeting.

American social media companies were rising on word the Biden administration may try to ban TikTok in the U.S. if the China-based parent of the short-video platform doesn’t divest itself. Shares of Meta Platforms Inc (NASDAQ:META) rose 1.9% as did Snap Inc (NYSE:SNAP), up 6.4%.

U.S. stocks are rising after regional banks stage a rally

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Wall Street closes higher as First Republic helps lift banks