: First Republic stock rallies after bank backstop pledge from Treasury’s Yellen and reports of push to raise capital by JPMorgan


First Republic Bank’s stock was up 40% Tuesday amid reports that JPMorgan Chase & Co. was working to help bolster the bank’s capital, and as U.S. Treasury Secretary Janet Yellen pledged to help banks.

Yellen delivered a speech to the American Bankers Association saying that the government has a “resolute commitment to take the necessary steps to ensure that depositors’ savings and the banking system remain safe.”

This article was originally published by Marketwatch.com. Read the original article here.

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