March 14 (Reuters) – Bruised U.S. bank stocks regained some ground on Tuesday, as a sell-off sparked by Silicon Valley Bank’s collapse gave way to bargain-hunting by investors hopeful that efforts to shore up confidence would avert a wider financial crisis.
DEVELOPMENTS
* Ratings agency Moody’s cut its outlook on the U.S. banking system to negative from stable “to reflect the rapid deterioration in the operating environment.”
* The Republican chairman of the House Financial Services Committee urged confidence in the U.S. banking system and said the Federal Reserve and regulator FDIC had “acted swiftly and boldly” within the law. Without giving specifics, he also said he wanted to hear from both the banks and regulators.
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