US markets began higher on Tuesday, boosted by banks such as First Republic, whose stock price increased by more than 30% in early trade.

The S&P 500 index began 1% higher at 3,991.33, while the Dow Jones Industrial Average opened 1% higher at 32,579.42. The Nasdaq, which is heavily weighted toward technology, rose 0.9 percent to 11,785.75.

The Wall Street surge comes a day before a key interest-rate decision by the US Federal Reserve, which is attempting to combine above-target inflation with persistent concerns about financial markets in the aftermath of Silicon Valley Bank’s failure. (SVB).

Price increases were seen in early trade, with Seacoast Banking Corporation of Florida up around 4.3 percent and KeyCorp up about 3.9%.