Shares of First Republic Bank rebounds 100% from session lows 📈

According to sources cited by CNBC, major US banks are close to an agreement to deposit between $25 billion and $30 billion with First Republic Bank (FRC.US) as part of an effort organized by the US government.

• The program is aimed at stabilizing the aggrieved Kalinfornia-based lender. Since today's session minimum, First Republic Bank shares have already rebounded by nearly 100%.
• The banks include JPMorgan, Citi, Bank of America, Wells Fargo, Morgan Stanley and PNC Financial Servies, among others. First Republic conveyed that it is ready to raise deposits. 
• Rating agency Moody's highlighted the risks posed to financial institutions managing capital by high interest rates.

The FRC rally has been halted at the SMA100 level (black line). Source: xStation5