On Friday, shares of the First Republic Bank dropped over 43% on Friday, leaving the baking industry concerned. The bank is likely to be acquired by the FDIC before further downfall.
Despite the hardship, stocks close higher on Wall Street, marking the best month since January.
In a Friday report, the Federal Reserve said it failed to be proactive in preventing the collapse of Silicon Valley Bank, which occurred in recent months. Further acknowledging that the Signature Bank of New York collapsed due to "poor management".
by Peter Pecora