Thankfully, JPMorgan came in and seized the embattled regional lender.
The Dow Jones Industrial Average wobbled throughout Monday’s session and ultimately flipped under the flatline. The 30-stock blue-chip index closed lower by 0.14%, followed by the Nasdaq Composite’s decline of 0.11%, and the S&P 500’s moderate drop of just 0.04%.
Narrating the day’s events was the acquisition of First Republic Bank (ticker: FRC) by Wall Street colossus JP Morgan (ticker: JPM). The white-knight move to take over most of the failed bank’s assets and deposits was hailed by investors. What’s more, JP Morgan CEO Jamie Dimon said the banking crisis is mostly over with.
What happens next? First Republic stock just got halted from trading and will now be pulled out of the S&P 500. In its place, please welcome $14bn manufacturing company Axon Enterprise (ticker: AXON. After the banking conundrums, US equity futures are pointing higher today.
