US: Eleven banks deposit $30 billion into First Republic Bank
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In a short statement, the Federal Reserve (Fed), the Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) announced a massive deposit of 11 banks into the Frist Republic Bank.
US markets are up on Thursday with the Dow Jones up by more than 1% and the Nasdaq gaining by 2.45%. The support from banks to the Frist Republic Bank was a key factor on today’s rally. Shares of the bank reversed a 36% decline, and near the end of the session, are up by 10%.
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