Regional Banks Stage Partial Recovery After Sharp Selloff
Regional bank stocks rose Wednesday after a sharp selloff a day earlier brought them to the lowest level since 2020.
Banks that have been under intense scrutiny attempted to claw back from double-digit losses from the previous session.
Tweet on regional banks
Regional bank stocks rose Wednesday, after a sharp selloff a day earlier.
PacWest rose 6% and Metropolitan rose 7% in afternoon trading, after respective declines of 28% and 20%.
Western Alliance was up about 4% after a 15% tumble.#BankingCrisis #inflation pic.twitter.com/Iy6kzMJSXn— The_Journalbiz (@the_journalbiz) May 3, 2023
Factset chart on regional bank selloff
PacWest rose 6% and Metropolitan rose 7% in afternoon trading, after respective declines of 28% and 20%. Western Alliance was up about 4% after a 15% tumble.
Banks were broadly higher, with the KBW Regional Banking Index up about 2%. The index fell more than 5% a day earlier, as investors dumped regional bank stocks ahead of the Federal Reserve decision Wednesday.
Citizens and Fifth Third edged up slightly
Comerica climbed about 1%
PNC and Capital One were roughly flat
U.S. Bancorp was down slightly
