PacWest Bancorp (NASDAQ:PACW) stock and PacWest’s Preferred Shares (NASDAQ:PACWP) are on the rise Tuesday as bank stocks start to recover from the recent crash.
Bank stocks underwent a major crash that started last week and continued into this week. It was all connected to the failure of SVB Financial (NASDAQ:SIVB). The death of this bank rattled investors and saw people pulling funds from other financial institutions.
All of this resulted in a bank stock crash yesterday that sent shares much lower. For instance, shares of PACW and PACWP, the company’s Series A stock, were down 21.1% and 45.3% when markets closed on Monday.
Now, it looks like these stocks are starting to recover on Tuesday. Part of what’s helping with that is the Federal Reserve creating a fund to provide banks with loans. This is acting similar to a bailout for banks amid the recent trouble.
PACW and PACWP Stock Movement on Tuesday
In the case of PACW and PACWP shares, both are seeing gains today with a decent amount of trading. As of this writing, more than 1.8 million shares of PACW stock have changed hands, and some 18,000 shares of PACWP shares have traded. For comparison, the daily average trading volume of these two stocks are 3.4 million shares and 131,000, respectively.
PACW stock is up 35.5%, and PCWP stock is up 40.2% as of Tuesday morning.
Investors on the lookout for more recent stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Tuesday. That includes the biggest pre-market stock movers this morning, as well as the latest on the state of the stock market. You can catch up on all of this news at the links below!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Insiders Were Buying Up PacWest (PACW) Stock Ahead of Bank Stocks Crash
- Stock Market Crash Alert: Mark Your Calendars for March 14
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
