After a week of stress on regional banking, several of the US's largest banks stepped up to the plate in a big way today. 11 US banks, led by JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, signed off on a rescue effort to inject $30 billion into First Republic Bank. These four banks each contributed $5 billion, and Goldman Sachs and Morgan Stanley chipped in an additional $2.5 billion each. The remainder of the participating banks, Truist, PNC, U.S. Bancorp, MT and Capital One provided $1 billion each. The Federal Reserve commented that it stands ready to provide liquidity through the discount window should the situation call for it.

This influx of cash was well received by investors, as the S&P 500 rose 1.8%. This news tempers the worries of failure for regional banks following the collapse of Silicon Valley Bank and Signature Bank just last