stocks climbed thursday reversing their morning declines after 11 of the nations biggest banks deposited 30 billion to prop up first republic bank in a bid to stem the recent panic in the banking system major stock indexes opened lower but changed course after the wall street journal said jpmorgan chase citigroup bank of america wells fargo and other banks were in talks to deposit billions of dollars of their own money into first republic the government confirmed the deal to rescue the san francisco lenderone of the banks swept up in the contagion that followed last weeks collapse of silicon valley bankmoments before the stock market closed the sp 500 added 6835 points or 18 to 396028 erasing an earlier decline of 07 the dow jones industrial average gained 37198 points or 12 to 3224655 and the nasdaq composite advanced 28322 points or 25 to 1171728 japanese stocks were higher in morning trade led by gains in bank and electronics stocks as concerns eased about the stability of the us banking sector and the yen weakened usdjpy was at 13347 up from 13274 as of thursdays tokyo stockmarket close investors remained focused on any fallout following the collapse of silicon valley bank as policy tightening by central banks continues the nikkei stock average was up 06 at 2716230 south koreas benchmark kospi was 06 higher at 239161 in early trade led by gains in semiconductor stocks japans agreement to ease controls on its chipmaterial exports to south korea during their leaders summit in tokyo the previous day was sending semiconductor stocks higher wall streets rebound overnight after major us lenders offered to rescue ailing first republic bank was also supporting investor sentiment index heavyweight samsung electronics was up 15 after increasing its stake in a local robot developer rainbow robotics hong kongs hang seng index rose 07 to 1933392 as us and european banking jitters eased a group of us financial firms have agreed to deposit 30 billion to aid first republic bank while credit suisse said it would borrow up to chf50 billion from switzerlands central bank said cmc markets the best performer on the hsi was ai and internet company baidu which climbed 80 the hang seng tech index was up 19 at 288371 chinese shares were higher in early trade in tandem with other asian equities as concerns about the us banking sector ease the benchmark shanghai composite index gained 07 to 324808 while the shenzhen composite index and the chinext price index were each 09 higher propertyrelated stocks were likely in focus after data showed new home prices in 70 chinese cities on average rose in february on a monthonmonth basis commerzbank analysts said the latest numbers suggest that policy measures rolled out to support housing demand are gradually taking effect they added asian currencies were mixed against usd in the morning session but may strengthen amid a mild riskon mood a us bankingindustrywide rescue to shore up ailing first republic bank has given some muchneeded reassurances to market participants said ig this news has helped to calm market nerves in an extremely bearish risk environment it added usdkrw rose 03 to 130428 and usdtwd was up 01 at 3059 while usdsgd fells 02 to 13448 and audusd gained 05 to 06691 gold ticked down in the early morning asian session as market nerves over the banking sector turmoil sparked by the failure of some us banks eased slightly cooling haven demand a group of 11 us lenders deposited 30 billion to rescue the ailing first republic bank while europe jitters eased after credit suisse said it would borrow up to 537 billion from switzerlands central bank to shore up liquidity traders swiftly realized that golds trajectory toward 1950oz wasnt occurring and locked in profits oanda said the precious metals rally over the past week has been somewhat impressive but might be running out of steam it added spot gold was down 01 at 191930oz oil prices were slightly higher in the morning asian session amid positive market sentiment spurred by news that eleven us banks have deposited 30 billion to support ailing first republic bank however an increase in us crudeoil inventories adds fuel to recent sell off in oil said dailyfxcom noting eia data showing weekly crudeoil stockpiles rose more than expected frontmonth wti crude oil futures were 02 higher at 6851bbl frontmonth brent crude oil futures rose 02 to 7488bbl