Stocks rallied after a group of big banks offered a lifeline to the bank Wall Street had zeroed in on in its hunt for the next victim in the industry’s struggles..
The S&P 500 jumped 1.8% Thursday, erasing earlier losses following reports that First Republic Bank could get help or sell itself to another bank.
This week has been a whirlwind for markets on worries about banks that may be bending under the weight of the fastest set of hikes to interest rates in decades. Treasury yields also strengthened in a sign of increased confidence from the bond market.
On Thursday:
The S&P 500 rose 68.35 points, or 1.8%, to 3,960.28.
The Dow Jones Industrial Average rose 371.98 points, or 1.2%, to 32,246.55.
The Nasdaq composite rose 283.22 points, or 2.5%, to 11,717.28.
The Russell 2000 index of smaller companies rose 25.29 points, or 1.4%, to 1,771.24.
For the week:
The S&P 500 is up 98.69 points, or 2.6%.
The Dow is up 336.91 points, or 1.1%.
The Nasdaq is up 578.39 points, or 5.2%.
The Russell 2000 is down 1.47 points, or 0.1%
For the year:
The S&P 500 is up 120.78 points, or 3.1%.
The Dow is down 900.70 points, or 2.7%.
The Nasdaq is up 1,250.79 points, or 12%.
The Russell 2000 is up 9.99 points, or 0.6%
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