A Saudi deal revives US stocks after the collapse of two banks

Al-anbat - Rahaf Abdullah 

The stocks of The Boeing Company rose, after announcing a Saudi deal to buy planes for its airlines, the US stock market was revived.

The price of share for the company rose $4 to $207 after Saudi announcement of purchasing up to 121 Boeing 787 Dreamliner aircraft equipped with General Electric’s GEnex newly-formed.

GE's share price rose overnight by $2 to $91 a share.

The Dow Jones Industrial Average rose 336 points to 32,155, and the S&P500 rose 63 points to 3,919, while the heavy-tech-focused Nasdaq rose 239 points to 11,428.

Last night, US stock indices began to recover gradually following a crisis caused by the collapse of two US banks, Silicon Valley and Signature.

In addition, the head of the new "Silicon Valley Bridge" newly established by US banking authorities and transferred all collapsed Silicon Valley Bank deposits urged all customers to re-deposit the money they had withdrawn so that the bank could operate again.

Silicon Valley Bank, a major lender to U.S. startups since the 1980s, collapsed after a sudden rush to withdraw deposits, prompting regulators to seize it on Friday.

The Federal Deposit Insurance Corporation confirmed that it will cover all depositors to Silicon Valley Bank up to a ceiling of $250,000 of the protected deposit. Silicon Valley Bridge Chief Executive Timathi Mayopoulos said the bank is offering new loans and fully respecting existing credit facilities.

The Federal Deposit Insurance Corporation transferred to the new bank all deposits of the collapsed bank and appointed the bank as CEO, American lawyer Timothy Mayopoulos.