First Republic Stock Falls 7%
Shares of First Republic dropped over 7%!
While other regional bank stocks were largely lower a day after Treasury Secretary Janet Yellen dashed hopes that the government might soon take steps to insure all deposits.
Tweet on First Bank
Shares of First Republic dropped today!
The rest of regional bank stocks were largely lower a day after Treasury Secretary Janet Yellen dashed hopes that the government might soon take steps to insure all deposits.#BanksCollapsing #inflation pic.twitter.com/vpgjS5JLsz— The_Journalbiz (@the_journalbiz) March 23, 2023
First Republic Bank erased early gains and dropped 7% as of Thursday afternoon, extending a slide despite a rescue deal with big banks last week. The stock closed down 15% on Wednesday and has shed more than 90% since the start of the month.
Shares of other banks wavered in a volatile session. The SPDR S&P Regional Banking ETF fell more than 2%, and the KBW Nasdaq index of commercial banks was down about 1%.
- Comerica Inc. slumped 8.7%
- Ally Financial Inc. fell 3%
- PNC Financial Services and Fifth Third Bancorp more than 1% apiece.
- Charles Schwab shares were down 4.3%.
- Truist Financial was up about 1%, while U.S. Bancorp rose 1.7%.
