Indices across the board rebounded at midday by more than 1% apiece on a broad-based rally following two weeks of market turmoil.
The S&P 500 climbed 1.6% to 2,663.67. The Dow Jones Industrial Average jumped 2.0% to 24,701.56. The Nasdaq rose 1.8% to 6,996.98.
The yield on a 10-year Treasury bond rose 1.3% to 2.87%.
The price of gold increased 0.8% to $1,326.
Irvine’s Pacific Premier Bancorp (Nasdaq: PPBI) rose 5% to $41.05 and a $1.9 billion market cap. The bank agreed to acquire Grandpoint Capital (OTC Pink: GPNC) in an all stock deal valued at $641.2 million. The banks expect the deal to close in the third quarter. It would boost Pacific Premier’s assets by 40%, close to $12 billion—among the largest commercial banks headquartered in Southern California.
In a Business Journal story on February 5, Chief Executive Steven Gardner said, “We will continue to look at other acquisition opportunities that can help us surpass the $10 billion threshold in a meaningful way.”
Newport Beach’s William Lyon Homes (NYSE: WLH) climbed 5.1% to $24.85 and a $943 million market cap. The stock is down about 23% since Jan. 19.