The rescue comes less than two months after a deposit flight from U.S. lenders Silicon Valley Bank and"The positive reaction in stock is in part a positive reaction to the stabilization in the sector, as much as any kind of advantage gained from the purchase," said Rick Meckler, partner at Cherry Lane Investments.
Weighing on the market, energy stocks fell 1.3% as crude prices dropped nearly 2%, hurt by weak economic data from China and expectations of another U.S. interest rate hike.
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