Stock market today: Tokyo gains, most Asian markets closed - The Hill
Shares advanced Monday in Tokyo and Sydney while most Asian markets were closed for May 1 holidays. The traditional Labor Day holidays around the globe likely limited initial market reactions to a delay in an expected decision by U.S. regulators on what to do with troubled First Republic Bank. San Francisco-based First Republic has struggled since the collapses of Silicon Valley Bank and Signature Bank in early March, as investors and depositors fret that the bank may not survive as an independent entity for much longer. First Republic has been seen as the most likely next bank to collapse due to its high amount of uninsured deposits and exposure to low interest rates. Regulators were thought to be seeking to sell all or part of the bank before markets reopened for trading Monday. The bank’s stock closed at $3.51 on Friday, a fraction of the roughly $170 a share it traded for a year ago. “A quiet Monday open shaded by a holiday feel with an undertone of no-news-is-good-news on t...