(CNBC) -- The Dow Jones Industrial Average inched lower Monday in the wake of the government’s seizure of First Republic over the weekend and the bank’s subsequent sale to JPMorgan Chase.
The Dow dipped 46 points, or 0.1%. The S&P 500 ticked down 0.04%, while the Nasdaq Composite fell 0.1%.
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JPMorgan Chase shares rose 2.1% after it came on top as the winner of a weekend auction for First Republic. The big bank has acquired all of troubled lender First Republic’s deposits and a “substantial majority of assets.” This deal means that JPMorgan Chase, already one of the biggest U.S. banks, will become even larger.
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