All Quiet on the Banking Front?

In the week after Lehman Brothers declared bankruptcy on Monday, Sept.  15, 2008, the US stock market somehow managed to close slightly higher than it had started. 

This was not in any way a reliable indicator of what was to come. After that, the S&P 500 went on to fall 46% before hitting bottom almost six months later. 

John Authers Bloomberg 21 mars 2023

First Republic is facing intense pressure to reassure investors that it is viable. 

Its stock has lost more than 90% in March.

Shares closed down 47% at $12.18 on Monday 20 March

First Republic rallies after bank backstop pledge from Treasury’s Yellen 

Whipsaws into positive territory one day after sliding 47% to an all-time low.

Yellen is due to deliver a speech to the American Bankers Association saying that the government has a “resolute commitment to take the necessary steps to ensure that depositors’ savings and the banking system remain safe.”

Investors are also mulling reports that the U.S. Treasury Department is considering unlimited deposit guarantees if the current crisis hitting the banking sector continues.

MarketWatch 21 March 2023


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