Stock market rallies on lifelines to banks and strong hands strategy.

Bank stocks began to recover after reports of financial support for First Republic and Credit Suisse eased concerns about a global banking crisis. First Republic's stock plummeted after two credit rating agencies downgraded it to junk status earlier this week, but reports suggest the bank is exploring options, including a potential sale, and is in talks with financial giants including JPMorgan and Citigroup to provide a cash infusion. Credit Suisse agreed to borrow $54 billion from Switzerland's central bank, reversing a steep decline in its stock price. Treasury Secretary Janet Yellen reassured the Senate Finance Committee that the banking system remains sound.