Wall Street, Banks Rise After SVB Sale to First-Citizens

A person wearing a mask walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm, in Tokyo on March 27, 2023. Eugene Hoshiko/AP Photo

U.S. futures shot higher early Monday, with bank stocks mostly gaining after the Federal Deposit Insurance Corp. said it had agreed to the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co.

Futures for the Dow Jones Industrial Average and S&P 500 each climbed 0.8 percent early Monday.