Stocks rose on Monday as market participants were encouraged by UBS's
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Over the week, UBS purchased Credit Suisse at a steep discount in a deal orchestrated by Swiss authorities and regulators in effort to ease contagion risks for the global banking system following multiple U.S. bank failures in recent weeks.
The size of Credit Suisse was a concern for the banking system, as the the lender has multiple international subsidiaries. UBS said the combined bank will be a massive lender, with more than $5 trillion in total invested assets and "sustainable value opportunities," UBS said in a release.
"This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is am emergency rescue," UBS Chair Colm Keller said in a statement.
Regional bank stocks gained some ground on Monday, rebounding from big losses in the past week. The SPDR Regional Banking ETF
Meanwhile, Silicon Valley Bank remains unsold as of Monday. The Federal Deposit Insurance Corp (FDIC) said on Monday that it had extended the bidding process on the lender and will be taking separate offers for SVB's commercial and private lending businesses.
Elsewhere, Starbucks
Looking ahead, all eyes will be on the Federal Reserve's next monetary policy decision due out Wednesday afternoon, with investors expecting the central bank to deliver a 25 basis point rate hike. Earnings from Nike