First Quarter 2023 Review

News in the first quarter was dominated by the high-profile failures of Silicon Valley Bank and Signature Bank New York on March 10, spanning through to March 19 when UBS announced the purchase of beleaguered Credit Suisse for $3.2 billion in a deal brokered by Swiss authorities.

While regional bank stocks endured sharp selling pressure during this period, the broad equity markets were largely resilient to rising uncertainty over the health of the banking system. Stocks posted three consecutive weeks of positive returns starting on March 13.

For the first quarter of 2023, the S&P 500 rose +7.5%