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Regional bank stocks rise, PacWest Bancorp leads

Yahoo Finance

Yahoo Finance Live’s Brad Smith breaks down the rise in regional bank stocks.

Video transcript

[MUSIC PLAYING]

BRAD SMITH: Regional banks catching a breather today. PacWest is leading the rebound in regional bank stocks today after a brutal week. It all began on Wednesday for PacWest following news that the Los Angeles-based bank was exploring strategic options, including a potential sale. And there could be more trouble ahead for the banks. The American Bankers Association asking the SEC to take action against what it calls market manipulation and abusive short-selling practices.

In a letter, the trade group representing the US bank saying this, "Since the two bank failures in March, some of our members have experienced significant short sales of their publicly traded equity securities that do not appear to reflect the issuer's financial status or general industry conditions." Taking a look at shares of regional banks here today, well, just a little bit of reprieve here.