First Citizens BancShares jumps 49%

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Source: Dukascopy Bank SA


The stock price of First Citizens BancShares opened the day's trading by 49% higher than the Friday's close. The stock price started the day at $868.27, compared to Friday's $581.80.

The surge occurred due to the bank announcing that it would buy out the Silicon Valley Bank deposits and loans from the Federal Deposit Insurance Corporation. The markets appear to have assumed that the bank would get a discount on the financial assets.

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