No News Is Good News.
The S&P 500 ended the week, month and quarter sitting almost exactly in the middle of its range over the last year and a strange calm seems to have descended upon markets. No scary news from the banking sector last week allowed investors to focus on other things, such as earnings and economic releases, which were mostly pretty good.
Traders started the week with a smile on their faces as they learned that First Citizens BancShares (FCNCA), a North Carolina-based regional bank, had agreed to take over substantially all of the assets and liabilities of collapsed Silicon Valley Bank (SVB).
The…
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