2024-01-09 10:13:00 ET
Ally Financial (NYSE: ALLY) stock gained 43% in 2023, according to data provided by S&P Global Market Intelligence . Despite feeling pressure from the banking turmoil last March, the bank finished the year strong as the Federal Reserve signaled a potential pivot in its interest-rate policy.
About one year ago, bank stocks faced a significant test. Higher interest rates and deposit outflows put regional banks on the defensive.
Ultimately, SVB Financial 's Silicon Valley Bank, Signature Bank , and First Republic Bank all went under in some of the most significant bank failures since 2008. Concern spread across the banking sector as investors weighed whether others could face a similar fate.
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Why Ally Financial Stock Jumped 43% in 2023