New York stock exchanges wrapped up Thursday's trading session with significant gains as the biggest commercial banks in the United States jumped to the rescue of First Republic Bank, pumping $30 billion in deposits to avert the Silicon Valley Bank crisis from spilling all over the country's financial institutions.
The announcemnt briefly allayed concerns over a possible recession in the country, with investors turning their attention to the upcoming Federal Reserve meeting slated for next week.
The S&P 100 jumped 1.76%, with First Republic Bank skyrocketing 10.33%. The Dow Jones Industrial Average surged 373 points or 1.17%. Intel Corporation was its best performer, soaring 6.23%. The Nasdaq 100 rallied 2.69%, with Advanced Micro Devices Inc. growing 7.72%.
The euro gained 0.36% against the dollar, to sell at $1.06154 at 3:58 pm ET.
