Dow Jones +547 points (+1.65%) on Friday. It was up 621 at best. NASDAQ +2.25%. S&P 500 +1.85%. KBW Bank index +4.60%. Down 11% for the week. The regional banking bomb defused itself overnight. The KBW Regional Bank index +4.69%. 15 stocks in the index were up more than 6%. Pacwest was up 81.7%. Western Alliance up 49%. Zions up 19%. Comerica up 17%. At the bigger end of town US Bancorp up was 6.1%, Citigroup up 3.2%, Wells Fargo up 3.3%, Bank of America up 2.7%, Morgan Stanley up 2.7%, JP Morgan up 2.0%. The VIX Volatility index dropped 14% to 17.19. SPI Futures up 64.

HEADLINES

• ASX to rise; Westpac post $4bn net profit.
• $2.4bn gas tax rise must be the last, APPEA says.
• Warren Buffett faults handling of bank failures, upbeat on U.S., Berkshire.
• Yellen warns of 'constitutional crisis' if Congress fails to act on debt.
• Domestic data: NAB Business Confidence, Building Permits MoM.
• Japan data:  BoJ Monetary Policy, Jibun Bank Services PMI.

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