U.S. stocks open mixed after regulators seize First Republic Bank, sell to JPMorgan Chase

U.S. stock indexes opened mixed after JPMorgan Chase & Co said Monday it has won the auction to take over fallen First Republic Bank after regulators seized the San Francisco-based lender, resulting in the third failure of an American bank in two months. The Dow Jones Industrial Average gained 51 points, or 0.2%, to 34,148. The S&P 500 was down 0.1%, while the Nasdaq Composite declined by 0.2%. JPMorgan Chase has won the auction to take over fallen First Republic Bank and acquired all of the troubled lender’s deposits and “substantially all the assets,” according to a release on Monday morning. JPMorgan’s shares opened 2.7% higher on the news. First Republic disclosed last week that it had suffered more than $100 billion in outflows in the first quarter, increasing stress in the banking sector. Shares of First Republic Bank were halted following news early Monday.

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