Shares of First Republic Bank
FRC,
rocketed 43.7% on heavy volume, putting them on track for a record one-day gain, as Treasury Secretary Janet Yellen said the U.S. government was committed to keeping the banking system safe, and amid reports JPMorgan Chase & Co.
JPM,
was working to help the bank. The previous record rally was 27.0% on March 14, 2023. Trading volume ballooned to 87.8 million shares, already nearly triple the full-day average, and enough to make stock the the most actively traded on major U.S. exchanges. Meanwhile, the stock’s price gain of $5.33 means it has only recovered about 49% of Monday’s $10.85, or 47.1% selloff, that took the stock to a record-low close of $12.18. The stock has plummeted 85.6% year to date, while the SPDR S&P Regional Banking exchange-traded fund
KRE,
has tumbled 22.2% and the S&P 500
SPX,
has gained 3.7%.
First Republic stock rockets toward record gain, but recovers less than half of Monday’s plunge
