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Wall Street trades mixed as big banks timidly recover

Wall Street trades mixed as big banks timidly recover

He S&P 500 index falls this Tuesday, March 28, after a three-day rise driven by support measures for the banking sector and an agreement for the assets of Silicon Valley Bank (SVB). The Nasdaq imitates the decline.

He Dow Jones Industrial Average It rises 53.71 points, or 0.2%, to 32,485.79 units and scores four days of gains; he S&P 500 it falls 4.93 points, or 0.1%, to 3,971.52 units and interrupts three days of gains; and the Nasdaq Composite It gave up 69.80 points, or 0.6%, at 11,700.36 units and registered its second day of decline.

Bank shares rallied strongly on Monday after First Citizens BancShares Inc said it would acquire the deposits and loans of the Silicon Valley Bank, whose bankruptcy earlier in the month triggered a sell-off in the sector. First Citizens shares rise 3.5% after shooting more than 50% the day before.

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He index KBW of regional banking yields 0.1%while Big US banks like JP Morgan Chase & Co, Bank of America and Citigroup improve marginally.

“The fact that we have answers about Silicon Valley Bank, Signature Bank and Credit Suisse means that we have more answers than questions,” he said. Art Hogan, of B Riley Wealth in Boston. “But there are still enough unknowns that the market hasn’t given the all-clear signal yet.”

Microsoft Corp, Alphabet Inc, Apple Inc and Tesla Inc are still under pressure, falling in a range between 0.6% and 2.5%.

Alibaba Group Holding gains 7.2% after saying it plans to split its business into six main units spanning e-commerce, media and cloud.

Source: Ambito

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