The Fed's actions may have prevented a further decline in the stock market, but they are not responsible for the overall direction of the market. The underlying conditions that caused the initial sell-off are still present, and it is possible that we could see another drop
The plunge protection team was definitely deployed today morning, most likely to save the bulls. However, it is clear that they were not successful as the market is still in absolute shambles.
First Republic Bank and Western Alliance Bancorporation are both down over 63% today. This is a result of the market crash that began yesterday. First Republic Bank is down to $10.65 from $26.15, while Western Alliance Bancorp is down to $25.38 from $89.26