While some of the hardest-hit regional bank stocks are posting record one-day rallies, the gains look a bit less impressive when compared with the beating they took over the previous three sessions. Shares of First Republic Bank FRC rocketed $18.05, or 57.8%, in morning trading Tuesday, which was more than quadruple the percentage of their previous record one-day rally of 12.9% on March 17, 2020. But considering the stock had plummeted $83,79, or 72.9%, over the previous three sessions in the wake of recent bank failures, Tuesday’s bounce has retraced just 21.5% of that selloff. Among other big bouncers, shares of Western Alliance Bancorp WAL soared 49.7% Tuesday, but retraced 28.6% of the $12.99, or 63.5%, selloff over the previous three sessions; and PacWest Bancorp’s stock PACW ran up 52.1%, to recover 30.0% of the $16.93, or 63.5%, losses suffered the past three days. Meanwhile, the SPDR S&P Regional Banking exchange-traded fund KRE rose 7.6%, to retrace 25.6% of what it lost — 23.0% — the previous three days, and the S&P 500’s SPX 2.0% gain took back 55.6% of the 3.4% selloff suffered the past 3 days.
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