Regional banks fell even more, led by a drop of more than 61% in First Republic. The facility will offer loans of up to one year to banks, saving associations, credit unions and other institutions.īank stocks remained under pressure following last week's slide, with JPMorgan Chase and Citigroup falling.

The Fed also said it is creating a new Bank Term Funding Program aimed at safeguarding deposits.

Meanwhile, Treasury yields tumbled Monday, helping to lend some support to equities.Ī joint statement from the Fed, Treasury Department and the Federal Deposit Insurance Corporation said all Silicon Valley Bank depositors would have access to their money starting Monday. The Cboe Volatility index (VIX), Wall Street's preferred fear gauge, reached a level not seen since late 2022 and neared territory considered highly risky, up nearly 2 points at 26.52. The Nasdaq Composite closed 0.45% higher at 11,188.84 points. The S&P 500 ended down 0.15%, to end at 3,855.76 after falling as much as 1.37% at one point. The 30-stock index, which posted its fifth straight day of declines with Monday's session, was able to pare losses after dropping more than 284 points earlier in the session. The Dow Jones Industrial Average lost 90.50 points, or 0.28%, to close at 31,819.14. The losses were contained as some investors bet the financial shock could cause the Federal Reserve to pause interest rate hikes. The Dow Jones Industrial Average dropped on Monday as a plan to backstop all the depositors in failed Silicon Valley Bank, along with other extraordinary measures, failed to boost bank shares.

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