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.
The FDIC took control of Silicon Valley Bank after it collapsed on March 10, promising to protect all depositors. Nasdaq-traded stock of First Citizens BancShares, Inc., parent company of First-Citizens, jumped 40 percent in premarket trading early Monday.
The acquisition of Silicon Valley Bank lender could raise confidence in the troubled banking industry after failures at SVB and two other banks rattled investors, driving bank shares sharply lower….