US stocks open higher as SVB buyout deal calms banking worries

US stocks open higher as SVB buyout deal calms banking worries

First Citizens Bank agrees to buy Silicon Valley Bank's deposits, loans

By Ovunc Kutlu

ISTANBUL (AA) - US stock market opened higher Monday to start the new week with gains, as a buyout deal of the demised Silicon Valley Bank (SVB) calmed investors' worries about banking sector.

The Dow Jones rose 244 points, or 0.76%, to 32,482 at 9.41 a.m. EDT. The blue-chip index increased 0.4% last week.

The S&P 500 added 26 points, or 0.67% to 3,997 after it marked last week a gain of 1.4%.

The Nasdaq increased 47 points, or 0.4%, to 11,870. The tech-heavy index marked a 1.6% gain for the week.

The US' Federal Deposit Insurance Corporation announced earlier that First Citizens Bank agreed to buy SVB's deposits and loans, approximately $72 billion of the failed bank's assets at a discount of $16.5 billion.

The VIX volatility index, also known as the fear index, fell 3.1% to 21.07, while the 10-year US Treasury yield rose 3.4% to 3.492%.

The dollar index lost 0.13% to 102.98, while the euro added 0.3% to $1.0788 against the greenback.

Precious metals were in negative territory, with gold falling 1.6% to $1,947 per ounce and silver trimming 1.4% to $22.91.

Crude oil prices were up almost 2% with global benchmark Brent crude at $75.85 per barrel and US benchmark West Texas Intermediate crude at $70.56.

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