Stocks ended mixed on Monday as bank stocks rose higher as market participants were encouraged by First Citizens' purchase of a large part of Silicon Valley Bank. The Dow Jones Industrial Average climbed nearly 200 points, while the S&P 500 Index added 0.16% and the Nasdaq Composite lost about 0.5%.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Sentiment towards the banking industry improved on Monday, with the SPDR S&P Regional Banking ETF
The deal includes the purchase of about $72 billion of SVB assets at a discount of $16.5 billion, the Federal Deposit Insurance Corporation (FDIC) announced. The FDIC said about $90 billion of SVB securities and other assets will remain "in receivership for dispositions by the FDIC."
Other positive news included a Bloomberg News report that U.S. authorities were considering expanding an emergency lending program for banks. That measure could give First Republic
Bank names that gained on Monday included other regional banks like PacWest Bancorp
In single stock moves, Disney
Wall Street is coming off of a winning week last week despite ongoing pressures on the global banking system. The Dow gained 1.2% for the week, while the S&P 500 rose 1.4% and the Nasdaq added 1.7%.
Looking ahead, the banking sector will continue to dominate market moves this week, starting with the Senate Banking Committee holding a hearing on bank failures on Tuesday. Witnesses include FDIC Chair Martin Gruenberg, Federal Reserve Vice Chair Michael Barr, and Treasury Undersecretary Nellie Liang.
Traders are in-store for more economic data this week as well, with readings on consumer confidence and inflation slated for release throughout the week.