Happy Friday and St. Patrick's Day!
The market's had a sketchy week.
Major indices actually put in a few green days, but the bank crisis hit investors hard.
Multiple banks are still trading lower today.
And we just learned First Republic Bank (NYSE: FRC) will receive billions in aid from eleven different major U.S. banks.
Here are the details.
It's a mixed catalyst …
On one hand, it's nice to know FRC will survive. Nobody likes the idea of another bank filing for bankruptcy (Silicon Valley Bank filed today).
On the other hand, we all thought the FDIC was covering deposits. This much aid from this many banks is a little unprecedented.
At the end of the day … we're not the ones in charge. Whatever happens, happens. And we'll be here to trade the volatility.
Here's a chart of the S & P 500 ETF Trust (NYSE: SPY) …
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