More Banks To Fail Soon?
Following the failures of regional banks SVB Financial Group (NASDAQ:SIVB), Signature Bank (NASDAQ:SBNY) and Silvergate Capital Corp (NYSE:SI), concerns over the health of First Republic Bank (NYSE:FRC) and Credit Suisse Group AG (NYSE:CS) took the spotlight in recent days. First Republic shares tumbled more than 25% on Friday even after a group of fellow banks committed to providing $30 billion in deposits to boost its liquidity. Credit Suisse shares also sold off sharply on the week as traders digested news that the company will borrow up to $54 billion from the Swiss National Bank to provide short-term liquidity.
🚨 Breaking News: Old Man To The Rescue
Berkshire Hathaway (NYSE:BRKa) Inc's Warren Buffett has held discussions with senior Biden administration officials about the banking crisis, a source told Reuters.
- Buffet has a long history to step in to help banks incrisis
- In 2011, Buffet helped Bank of America after the stock plunged amid losses tied to mortgages
- Buffet have $5B to Goldman Sachs in 2008 after Lehman Bros collapsed
- Berkshire Hathaway has over $128B in cash now, what to buy during a shopping spree?
Action Packed Week Ahead
Following the February CPI inflation data, Wall Street will get more key economic updates on Monday when the People's Bank of China announces its latest interest rate decision and on Wednesday when the Federal Reserve releases its own interest rate decision, updated economic projections and related commentary.
Analysts have a higher percentage of "buy" ratings (63%) for stocks within the S&P 500 Energy sector than any other sector, according to FactSet.
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