First Republic Bank's Stock Continues to Plummet Despite Bank Boost and Lifeline
TL;DR Summary
The Dow Jones Industrial Average fell 300 points on Friday as First Republic Bank's shares plummeted 20% after the bank suspended its dividend. Meanwhile, FedEx's shares rose over 9% following strong earnings results. The University of Michigan's March Consumer Sentiment Index measured 63.4, below Wall Street's estimate for a 67.0 reading. The SPDR S&P Regional Banking ETF declined 2.8%, and other regional banks were also lower in the wake of Thursday's rally.
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