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March 17, 2023

Big gains for stocks

AP Business Writer

NEW YORK — Stocks rallied Thursday after a group of big banks offered a lifeline to the bank that investors had zeroed in on in their hunt for the industry's next victim.

The S&P 500 jumped 1.8% for its best day in nearly two months after 11 of the biggest banks said they would deposit a combined $30 billion into First Republic Bank. The Dow Jones Industrial Average erased an early loss of 300 points to climb 371 points, or 1.2%, while the Nasdaq composite jumped 2.5%.

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