US Stocks Pare Gains as Banks Rebound; Bonds Drop: Markets Wrap
(Bloomberg) -- US stocks pared gains while bonds slid as the banking sector bounced off recent lows on the prospect of further support from US authorities. The S&P 500 pulled back from an as much as 0.8% climb while a banking sector rebound eased. The policy-sensitive Nasdaq 100 reversed early gains. First Citizens BancShares Inc. led a rally in regional lenders after agreeing to buy SVB Financial Group’s Silicon Valley Bank. First Republic Bank jumped on a Bloomberg report that US authorities are considering expanding an emergency lending facility that would give the lender more time to bol...