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Dow closes more than 300 points higher, snaps 5-day losing streak as bank shares rebound: Live updates
Investors pushed up some bank stocks while watching the latest inflation data.
U.S. stocks rose Tuesday as investors bet the risk of contagion following the closures of Silicon Valley Bank and Signature Bank has been contained.
The Dow Jones Industrial Average ended up 336.26 points, or 1.06%, at 32,155.40, snapping a five-day losing streak. The S&P 500 added 1.65% to close at 3,919.29. The Nasdaq Composite climbed 2.14% to end at 11,428.15.
Investors’ enthusiasm for buying bank stocks lost some steam in the afternoon. But many still notched gains, marking a turn from two sessions of deep selloffs as investors became increasingly confident that those names wouldn’t suffer the same fate as Silicon Valley and Signature. Regulators said Sunday that they created a plan to backstop all depositors in the two banks.
The SPDR S&P Regional Banking ETF (KRE) closed the session up 2%, regaining some ground following a 12% decline the day prior. Shares of First Republic Bank popped nearly 27% after closing down nearly 62% on Monday. KeyCorp shares added almost 7% in a relief bounce following a 27% slide.
