Shares of U.S. regional banks rose on Tuesday after tumbling by double-digit percentages over the past several days in the wake of the biggest bank collapse since the 2008 global financial crisis.
gained 2.15% after plunging 21.6% over the past three sessions, its biggest three-day percentage drop since March 2020 and fourth-largest since 2005, prompting investors to look for bargains in the space.
"There is a lot more upside to come to get back to where they were, which is really where they belong," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York, New York."The contagion risk is still present if everyone simultaneously loses confidence in the banking system," said Jack Ablin, chief investment officer at Cresset Capital.to seek saviors if a rout in their stocks does not let up.
Banks "with higher capital ratios, smaller pools of securities relative to total assets, strong brands, and diversified funding sources should be better able to weather the current market dynamics," said UBS Global Wealth Management Chief Investment Officer Mark Haefele in a note.
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