First Republic Bank will receive billions in deposits from 11 other banks. Credit Suisse will borrow billions from the Swiss National Bank. Crisis averted?
Markets expect the Federal Reserve to raise interest rates by a quarter percentage point next week. But there'sAt the risk of jinxing the situation, the banking crisis, which has now spread from the U.S. to Europe, appears contained .
That's thanks to the extraordinary number of measures that financial regulators and central banks on both sides of the Atlantic have used to shore up confidence. And those are not just empty promises. For instance, four days after the Fed introduced the Bank Term Funding Program — which lends banks money for a year in exchange for high-quality collateral — financial institutions havefrom the program.
Wall Street was cheered by the rapid response to the banking crisis. The Dow Jones Industrial Average rose 1.17%, the S&P 500 increased 1.76% and the Nasdaq surprised by jumping 2.48% — technology stocks had a very good Thursday. Alphabet rallied 4.38%, Amazon added 3.99% and Microsoft rose 4.05%. Microsoft rallied after the company announced it would be
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