Midday market 03/16: Efforts to rescue Credit Suisse and First Republic Bank

The market reversed back in the afternoon on Wednesday after the Swiss National Bank provided $54 billion in credit to Credit Suisse to protect the European banking system under political pressure from “a major country” according to RT - possibly France or the US. Not only that, JPM said the Federal Reserve is ready to provide up to $2 trillion in liquidity to the US financial system if any bank encounters liquidity issues. This news helped regional banks as well as the entire stock market reverse in last night's futures session and rally in the first half of today's trading session.