Wall Street opens higher, Dow surges 250 points
New York stock exchanges opened with gains on Monday following the news of Silicon Valley Bank acqusition, boosting investors' confidence at the start of the week and driving banks' stocks into a rally. In the coming days, market participants will be watching for the release of economic statistics, with readings on the gross domestic product (GDP) and personal consumption expenditures (PCE) taking the center stage.
Shares of the North Carolina-based lender, First Citizens Bank & Trust Company which agreed to take over the defunct Silicon Valley Bank's deposits, soared 49% at the opening bell.
The Dow Jones Industrial Average rallied 0.72% or 250 points, with the Goldman Sachs Group Inc. gaining 1.91%. The Nasdaq 100 increased 0.26%, as Tesla Inc. surged 3.01%. The S&P 500 climbed 0.61%, with First Republic Bank skyrocketing 22.82%.
The euro rose 0.29% against the dollar, to sell at $1.07921 at 9:26 am ET.