Regional Bank Stocks See Sharp Rebound After Jobs Report Posts Huge Beat

Regional Bank Stocks See Sharp Rebound After Jobs Report Posts Huge Beat
A Pacific Western Bank location in Irvine, Calif., on May 3, 2023. John Fredricks/The Epoch Times
Tom Ozimek
Updated:
0:00

Regional bank shares rallied sharply premarket and extended those gains in early trading Friday after a bruising session the day prior, as a government jobs report beat market forecasts for both payroll growth and the unemployment rate despite banking sector turmoil and a slowing economy.

PacWest led the charge in the regional bank stock rebound, jumping nearly 55 percent by 10:30 a.m. ET on Friday, erasing the prior day’s losses. The California-based bank, which recently announced that it was considering a range of strategic options, including a sale, saw its shares plunge to close 50 percent down on Thursday.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
twitter
Related Topics