Categories: Stock Market

U.S. stocks rise as fears about banking system fade By Investing.com


© Reuters.

By Liz Moyer

Investing.com — U.S. stocks were rising as fears about the banking sector subsided and investors took on a new appetite for risk.

At 9:46 ET (13:46 GMT), the rose 239 points or 0.7%, while the was up 1% and the was up 1.3%.

The worries about the banking sector eased after last weekend’s deal by First Citizens BancShares Inc (NASDAQ:) to buy parts of Silicon Valley Bank, which collapsed in early March. Bank regulators will appear in Congress today to talk about that collapse and that of Signature Bank, as lawmakers question their oversight.

Michael Barr, the Fed’s vice chair for supervision, told lawmakers on Tuesday that Silicon Valley Bank was a “textbook case of mismanagement.”

The banking turmoil changed the market’s views on the direction of interest rates. Futures traders are now divided on whether the will raise rates by another quarter of a percentage point when it meets in May or whether it will leave rates the same.

The Fed’s own economic forecasts have the benchmark rate topping out at 5.1% this year, which suggests room for another rate hike from the current target rate of 4.75% to 5%.

Shares of athleisure maker Lululemon Athletica Inc (NASDAQ:) rose 14% after it and forecast better-than-expected first-quarter and full-year results.

UBS Group AG (NYSE:) shares rose 4% after the Swiss banking giant said Sergio Ermotti is returning as CEO after its acquisition of Credit Suisse.

Oil was rising. were up 1.1% to $74.02 a barrel while crude was up 0.7% to $78.69 a barrel. fell 0.3% to $1,983.

Source link

nasdaqpicks.com

Share
Published by
nasdaqpicks.com

Recent Posts

Altair & LTTS launches 5G-6G wireless excellence to accelerate across sectors

Altair and L&T Technology Services announced today the establishment of a 5G-6G Wireless Centre of…

6 minutes ago

Vodafone Idea share price jumps 6% despite report of DoT demanding ₹6,000 crore bank guarantee

Vodafone Idea share price jumped over 6% on Thursday, snapping a three-day losing streak. Vodafone…

11 minutes ago

French shipping major CMA CGM to play a key role in the India-Middle East-Europe Economic Corridor

French shipping major CMA CGM will play a pivotal role in the India-Middle East-Europe Economic…

13 minutes ago

Adani withdraws from $1 billion wind power projects in Sri Lanka

Adani Green Energy said it will withdraw from two proposed wind power projects in Sri…

20 minutes ago

M&M Financial board approves raising up to ₹3000 crore via rights issue; stock gains 4%

The board of non-banking finance company, Mahindra & Mahindra Financial Services, on Thursday, February 13…

22 minutes ago

Ukraine’s battle against Russia in maps and charts: latest updates

Stay informed with free updatesSimply sign up to the War in Ukraine myFT Digest --…

25 minutes ago