Sources say that a group of financials institutions are in talks to deposit $20 billion in First Republic and attempt to save the company, build confidence, and keep the deposit base solid. The stock has been halted and is trading at $30.14 down -$1.02 or -3.27%.
Meanwhile the
- Dow Industrial Average has pushed to a new session high of 32214.28. The price is currently up 316 points or 0.99%.
- S&P index is up 60 points or 1.55% at 3952.53
- NASDAQ index is up 246 points or 2.15% at 11680.03
UPDATE: The shares are reopened and trades at $34.28 up $3.12 or 10.01%
Bloomberg and the WSJ says the save would be $30B
Meanwhile in the US debt market, yields are higher with the two-year of now up 21 basis points or 4.186%. That is the potential negative. The 10 year yield is up 9.1 basis points to 3.584%
This article was originally published by Forexlive.com. Read the original article here.