US bank stocks closed higher on Monday as investors assessed efforts to address turmoil in the sector and looked ahead to the Federal Reserve’s upcoming decision on US interest rates.
The KBW Nasdaq Bank index ended up 0.8 per cent, with heavyweights such as JPMorgan Chase and Morgan Stanley rising 1.1 per cent and 1.8 per cent, respectively. However, shares of First Republic sank 48 per cent despite recent efforts to shore up the regional bank.
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