3/21, 4:15 PM (Source: TeleTrader)
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First Republic rebounds 42% amid news from JPMorgan, Yellen

First Republic Bank rebounded more than 42% on Tuesday. The positive momentum comes after it emerged that JPMorgan CEO is reportedly leading efforts to stabilize the bank.

More importantly, today, United States Treasury Secretary Janet Yellen stated that the banking sector remains "sound" despite the ongoing situation. In addition, she convincingly stressed that the Treasury is "committed" to taking all necessary steps to stabilize financial markets.

First Republic shares rocketed 42.36% at 11:16 am ET to sell at $17.34 after yesterday's fall of more than 40%.

Baha Breaking News (BBN) / JG