First Republic Bank Leads Recovery in Hard-Hit Bank Stocks

First Republic Bank shares rebounded along with other banking stocks after a prior day's loss caused by Treasury Secretary Janet Yellen's comments that dashed speculation of a massive extension to the deposit insurance program. The rebound for the California-based company, however, pales in comparison with the 89% loss this year through Wednesday's close, which erased nearly $20 billion from its market capitalization. Wall Street lenders and US officials are looking at the possibility of government backing to encourage a deal that would shore up First Republic.