Regional bank stocks are making a comeback today
Regional bank stocks are surging today, as traders buy the dip after SVB Financial Group's (SIVB) failure led to a major selloff. While U.S. regulators rushed to aid the banking system over the past few days, some industry experts believe small lenders may still be in trouble. Plus, depositors are reportedly shifting their accounts to larger banks such as JPMorgan Chase (JPM) and Citigroup (C).
FRC Clawing Back from All-Time Lows
The shares of First Republic Bank (NYSE:FRC) are up 48% at $46.18 at last check, after yesterday hitting an all-time low of $17.53 and nabbing a sixth-straight daily drop. The equity now carries a 68.6% year-over-year deficit, and even with today's bull gap remains far away from the $115 level, which had been supportive it since November.
WAL Fresh Off Worst Day Ever
Last seen up 39.4% at $36.44, Western Alliance Bancorporation (NYSE:WAL) stock yesterday saw its worst single-day percentage loss on record. The shares sank to their lowest trading level in 11 years, and have shed more than 51% over the last 12 months.
KEY Looks to Snap 6-Day Losing Streak
KeyCorp (NYSE:KEY) stock is up 16% at $13.21, but yesterday closed at a roughly
thee-year low of $11.38 after marking their worst percentage drop since October 2008. Shares have lost 23.6% so far in 2023, but are now on track to snap a six-day losing streak.