Wall Street gains ground amid spreading calm about banking sector

Economies.com
2023-03-30 15:09PM UTC

US stock indices rose on Thursday following earlier data while concerns about the banking sector fade away as authorities intervene. 

 

Banking Troubles

 

Banking shares rebounded today, with the SPDR-S&P regional bank index rising 1%, accumulating 7% of gains since March 23. 

 

Investors continue to show optimism that the banking crisis is tapering off with the volatility index VIX hitting 19 after scaling 30 earlier this month.

 

Data

 

Earlier US data showed the GDP grew 2.6% y/y in the fourth quarter of 2022, down from 3.2% in the third quarter, and missing estimates of 2.7%. 

 

US unemployment claims rose to 198 thousand in the week ending March 25, above estimates of 196 thousand, and above the previous reading's 191 thousand.

 

Dow Jones rose 0.3%, or 85 points as of 15:07 GMT to 32,803,while S&P 500 climbed 0.6%, or 23 points to 4,050, as NASDAQ added 0.8%, or 102 points to 12,028.

American Markets News

Americas News

Markets

Wall Street mixed, S&P 500 scales fresh record high
2024-06-20 16:16PM UTC
US stock indices were mixed on Thursday, with S&P 50 edging to a fresh record high on the back ...
Americas News

Markets

Wall Street climbs as the week opens up
2024-06-17 16:30PM UTC
US stock indices rose on Monday ahead of important data, and before an official holiday this ...
Americas News

Markets

US stock indices head lower after data
2024-06-13 16:51PM UTC
Most US stock indices declined on Thursday after the release of important data, while markets ...