Bank Stocks Recover After Biggest Day of Losses Since 2020

Dow Jones2023-03-14

By Brian Swint

Banks recovered Tuesday after suffering the biggest losses in three years on concerns that the collapse of Silicon Valley Bank could create contagion.

Regional banks such as $First Republic Bank(FRC-N)$ (ticker: FRC) and Western Alliance Bancorp $(WAL)$, which dropped 62% and 47% yesterday, respectively, bounced back 44% and 36%. Shares of Comerica Incorporated $(CMA)$, which fell 28% yesterday, are up 8% today. Big U.S. banks including JPMorgan $(JPM)$, Citigroup (C), and Wells Fargo $(WFC)$ advanced between 1% and 6%.

SVB and Signature Bank were closed down by regulators as depositors rushed to pull out their funds. President Joe Biden tried to reassure the public that the banking system is safe, but that didn't stop financial shares from sliding.

The SPDR S&P Regional Banking exchange-traded fund dropped 12.3% on Monday, its largest percentage decrease since March 2020. In Tuesday trading, it was up 7.3%.

Write to Brian Swint at brian.swint@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

March 14, 2023 10:16 ET (14:16 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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Comments

Deonc
2023-03-14
Deonc
ok
AcidIce
2023-03-14
AcidIce
Time to drop further.
Docalex
2023-03-14
Docalex
What next President Biden???
Docalex
2023-03-14
Docalex
Shows the US banking system is close 2 total collapse, as many have predicted!$$$. Great reporting....🙏🏼
Acip Sudirja
2023-03-14
Acip Sudirja
Ok bosss

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Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 14, 2023 10:16 ET (14:16 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9949575116,"gmtCreate":1678792835035,"gmtModify":1678792838717,"author":{"id":"3569316529855154","authorId":"3569316529855154","name":"Deonc","avatar":"https://static.tigerbbs.com/d9aa45dd2eb58357f6477dcfb99d1415","vip":1,"crmLevel":3,"crmLevelSwitch":1,"idStr":"3569316529855154","authorIdStr":"3569316529855154"},"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949575116","repostId":2319768530,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9949546650,"gmtCreate":1678785549071,"gmtModify":1678785552959,"author":{"id":"3569382039983887","authorId":"3569382039983887","name":"AcidIce","avatar":"https://static.tigerbbs.com/25a5edd325094826cf6e8822874786ab","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3569382039983887","authorIdStr":"3569382039983887"},"htmlText":"Time to drop further.","listText":"Time to drop further.","text":"Time to drop further.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949546650","repostId":2319768530,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9949548740,"gmtCreate":1678785204281,"gmtModify":1678786233785,"author":{"id":"4141804104072892","authorId":"4141804104072892","name":"Docalex","avatar":"https://community-static.tradeup.com/news/a2aea9776d3ee030d760c85b67031767","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4141804104072892","authorIdStr":"4141804104072892"},"htmlText":"What next President Biden???","listText":"What next President Biden???","text":"What next President Biden???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949548740","repostId":2319768530,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9949548217,"gmtCreate":1678785022739,"gmtModify":1678786230419,"author":{"id":"4141804104072892","authorId":"4141804104072892","name":"Docalex","avatar":"https://community-static.tradeup.com/news/a2aea9776d3ee030d760c85b67031767","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4141804104072892","authorIdStr":"4141804104072892"},"htmlText":"Shows the US banking system is close 2 total collapse, as many have predicted!$$$. Great reporting....🙏🏼","listText":"Shows the US banking system is close 2 total collapse, as many have predicted!$$$. Great reporting....🙏🏼","text":"Shows the US banking system is close 2 total collapse, as many have predicted!$$$. Great reporting....🙏🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949548217","repostId":2319768530,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9949548915,"gmtCreate":1678784540237,"gmtModify":1678784545352,"author":{"id":"4141808863080382","authorId":"4141808863080382","name":"Acip Sudirja","avatar":"https://community-static.tradeup.com/news/a906edd07a989804ce9d688a5514a5f7","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4141808863080382","authorIdStr":"4141808863080382"},"htmlText":"Ok bosss","listText":"Ok bosss","text":"Ok bosss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949548915","repostId":2319768530,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":60,"commentSize":5,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2319768530"}