China’s top leader, Xi Jinping, will travel to Russia to meet with President Vladimir V. Putin next week in a visit that could have broad implications for Moscow’s war in Ukraine and the troubled relationship between Beijing and Washington.
Mr. Xi is expected to make a state visit to Russia from Monday to Wednesday, China’s Foreign Ministry and the Kremlin said in statements. It will be his first visit to Russia since the country launched its full-scale invasion of Ukraine more than a year ago.
Stocks of 11 banks that pumped $30 billion into First Republic Bank all lower premarket
The stocks of the 11 banks that ...
The stocks of the 11 banks that contributed $30 billion in uninsured deposits to embattled lender First Republic Bank on Thursday were all lower in premarket trade Friday, amid concerns the unprecedented action had failed to prop up the regional bank’s stock. First Republic Bank stock FRC, -18.65% was down 4% premarket, after it said it would suspend its dividend to conserve cash. JP Morgan analysts said the move by banks to help a smaller rival was a positive; “however, news late last night of post market drop in First Republic’s stock price is likely to rattle investors as markets remain fragile,” they wrote early Friday. JP Morgan Chase JPM, -2.78%, one of four big banks to contribute $5 billion as part of the $30 billion deal, was down 0.7%, Citigroup C, -2.75% was down 1%, Bank of America BAC, -2.93% was down1.2% , and Wells Fargo WFC, -3.50% fell 0.8%. Goldman Sachs GS, -2.94% and Morgan Stanley MS, -2.18%, each providing $2.5 billion to the package, were down 0.6% and 0.7% respectively. Bank of New York Mellon BK, -3.45% and State Street STT, -3.37% were down 0.2%, Truist TFC, -4.56% was down 1.5% and and US Bancorp USB, -5.14% was down 1.4% Those four are providing $1 billion each. PNC Financial Services PNC, -3.77% was down 0.9%.
U.S. stocks finish sharply higher as First Republic gets rescue from banks
U.S. stocks finished sharply higher on Friday, erasing losses from earlier in the session, as a group...
U.S. stocks finished sharply higher on Friday, erasing losses from earlier in the session, as a group of big banks deposited $30 billion with troubled lender First Republic Bank. The S&P 500SPX gained 68.36, or 1.8%, to close at 3,960.28, according to preliminary closing data from FactSet. The Dow Jones Industrial AverageDJIA rose 371.98 points, or 1.2%, to 32,246.55. The Nasdaq Composite COMP gained 283.22 points, or 2.5%, to 11,717.28.
Oil ends higher, finds footing after falling to 15-month low
Oil futures ended higher Thursday, stabilizing after the U.S. benchmark ended below $70 a barrel for...
Oil futures ended higher Thursday, stabilizing after the U.S. benchmark ended below $70 a barrel for the first time since December 2021 in the previous session. Crude was pressured in recent sessions as banking woes amplified recession worries.
West Texas Intermediate crude for April deliveryCL.1 rose 74 cents, or 1.1%, to finish at $68.35 a barrel on the New York Mercantile Exchange, after posting the lowest close for a front-month contract since Dec. 3, 2021 on Wednesday.
May Brent crude BRN00, the global benchmark, rose $1.01, or 1.4%, to settle at $74.70 a barrel on ICE Futures Europe, after closing Wednesday at its lowest since Dec. 20, 2021.
Back on Nymex, April gasolineRBJ23 gained 2.7% to close at $2.5035 a gallon, while April heating oil HOJ23 gained 1.5% to end at $2.6435 a gallon.
April natural-gas futuresNGJ23 rose 3.1% to settle at $2.514 per million British thermal units.
First Republic Reaches Rescue Deal With Other Banks
The lender will receive $30 billion in deposits from other banks in an effort to restore confidence in...
The lender will receive $30 billion in deposits from other banks in an effort to restore confidence in the banking system. Earlier, Treasury Secretary Janet Yellen told a Senate panel that the banking system “remains sound.”
