First Republic (FRC.US) and shares of other regional US banks rebounded further away from recent lows after Bloomberg reported that US authorities are considering expanding an emergency credit line for banks to give the lender more time to strengthen its balance sheet.
First Republic has already received a liquidity infusion of $70 billion, including $30 billion in deposits from 11 of the US largest banks plus loans from the Federal Reserve's lending facilities.
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Also news that First Citizens (FCNCA.US) will acquire a large part of assets of failed lender Silicon Valley Bank helped ease stress in the banking sector.
First Republic (FRC.US) shares plunged 90% in less than two weeks. Price recently bounced off all-time low at $8.65, however upward movement is capped by 50 SMA (red line). Source: xStation5