Wall Street Ends Slightly Lower After JPMorgan Acquisition of First Republic Bank
[ad_1]
Last Updated: May 02, 2023, 02:42 IST Wall Street stocks ended slightly lower on Monday after JPMorgan Chase acquired the embattled First Republic Bank, as markets traded cautiously ahead of a Federal Reserve decision. After a choppy session, all three major indices finished in the red at the start of a news-jammed week that also includes Apple results and a report on April’s employment figures. The Dow Jones Industrial Average finished 0.1 percent lower at 34,051.70. The broad-based S&P 500 dipped less than 0.1 percent to 4,167.87, while the tech-rich Nasdaq Composite Index also declined 0.1 percent to 12,212.60. The JPMorgan deal came after federal officials placed First Republic in receivership, resolving the last major problem bank from a recent spate of troubles. Under the agreement, JPMorgan, the largest bank in the United States, will assume all of First Republic’s deposits, as well as “almost" all of its assets, according to a statement from the Federal Dep...