Financials and Stocks Rally Ahead of Fed Meeting and Powell's Comments.

Shares of banks and financial institutions rallied as fears of a First Republic Bank failure were alleviated by reports of a rescue plan led by JPMorgan CEO Jamie Dimon. Treasury Secretary Janet Yellen clarified that the US is ready to assist depositors in smaller banks, easing confusion about contingency plans. Strategists believe the current banking panic is easier to contain than the 2008 crisis, as it is more about a mismatch of assets and liabilities rather than the quality of assets. The SPDR S&P Regional Banking ETF rose by almost 6%.