Banking fears shake stock market as Credit Suisse shares hit record low.

1 min read
Source: Investor's Business Daily
Banking fears shake stock market as Credit Suisse shares hit record low.
Photo: Investor's Business Daily
TL;DR Summary

The stock market saw gains this week, with regional bank stocks bouncing back and big tech companies trading higher. Treasury Secretary Janet Yellen testified that the banking system remains strong. JPMorgan Chase, Morgan Stanley, and other big banks are in talks for a potential deal with First Republic Bank. The CME FedWatch Tool predicts an 83% chance of a 25-basis-point rate hike at the March meeting. Warren Buffett's Berkshire Hathaway bought over 7.88 million shares of Occidental Petroleum. Adobe and Credit Suisse reported better-than-expected earnings, while First Republic Bank dropped over 16% after seeking strategic options. Academy Sports & Outdoor and Snapchat parent SNAP gained, while Five Below fell after reporting lower Q1 EPS guidance.

Share this article

Reading Insights

Total Reads

0

Unique Readers

12

Time Saved

3 min

vs 4 min read

Condensed

85%

747115 words

Want the full story? Read the original article

Read on Investor's Business Daily