WAL - First Republic pushed in green on Yellen's comments other regional banks follow

2023-03-23 05:19:17 ET

• After closing 16% down in yesterday's trading session, First Republic Bank ( NYSE: FRC ) rose 4.4% in premarket trade today, Thursday after Treasury Secretary Janet Yellen's comments.
• Yellen said that regulators are not looking to provide blanket deposit insurance to stabilize the U.S. banking system, while Federal Reserve Chair Jerome Powell dashed hopes on rate cuts this year.
• "The failure of Silicon Valley Bank on March 10 and Signature Bank's demise two days later prompted the Treasury, the Federal Reserve and the Federal Deposit Insurance Corp. to take emergency actions to "mitigate risks to the banking system," Yellen told lawmakers .
• Other regional banks, Western Alliance ( WAL ), PacWest Bancorp rose 8.3% and 5.7% respectively; U.S. Bancorp ( USB ) and Regions Financial ( RF ) was also higher 2.1% each.

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