Last updated on May 3, 2023
Earlier today, First Citizen made an announcement about purchasing a significant number of assets from Silicon Valley Bank. The stock for First Citizen surged by an impressive 40% in the morning, making it an exceptional deal for the company, which acquired $90 billion in assets for approximately $72 billion. As a result, First Republic and other banks are also experiencing a positive increase in stock prices, leading to an overall rise in many stocks and the stock market.
However, caution is advised as inflation numbers and housing starts are expected to be released later in the week, and the current market is weak and unlikely to recover immediately. This may result in more another negative returns in the market, and it may take some time for the market to recover. With the US economy seemingly geared towards a recession, it is improbable that it will be avoided. Hence, those intending to purchase should be selective and look for long-term investments, as it could take three to five years to regain the market level of the past. It would be wise to you
More updates are expected to be shared tomorrow.
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