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Wall Street rises strongly driven by technology

Wall Street rises strongly driven by technology

Wall Street indices rise this wednesday march 29 for the less concern for the banking sectorwhile rising expectations that the Federal Reserve may pause interest rate hikes promoted the actions of the technology companies and growth.

The concern for the banking system has declined after the sale of the assets of the bank Silicon Valley Bankbacked by US regulators, and the absence of new signs of trouble since the purchase operation.

“Markets have been hit by waves of bad news, and we have found a small pocket of stability with decent earnings and the banking crisis looking closer to an end,” he said. Rick Mecklera partner at Cherry Lane Investments, in dialogue with Reuters.

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The regional banks Americans, like Trust Financial Corp., Western Alliance Bancorp and First Republic Bank they rise between 1.6% and 7.1%. Its larger peers, Bank of America, Goldman Sachs and JPMorgan Chase & Co. they earn between 0.1% and 1.1%.

The banking turmoil, which began in early March with the bankruptcy of the Silicon Valley Bankhave led markets to reassess expectations of future monetary tightening by the Federal Reserve.

The operators are inclined in favor of the Fed will not raise rates in Mayand the odds of a 25 basis point hike stand at 41%, according to CME Group’s Fedwatch tool.

Rising expectations of a pause boosted shares of Amazon.com Inc and Tesla Inc around 2.6%, which raised the consumer discretionary index by around 1.5%.

Apple Inc, Microsoft Corp and Nvidia Crop add between 1.3% and 2.3%, driving the information technology index. Thanks to increases in large technology and growth stocks, the Nasdaq outperforms its peers.

The index S&P 500 gains 38 points, or 1%, at 4,009 units, while the nasdaq it rises 151.29 points, or 1.3%, to 11,867.25 units. Meanwhile, the Dow Jones Industrial Average adds 191.80 points, or 0.6%, to 32,586.03 units.

Treasury yields riseas investors continued to assess whether the recent banking tensions will be contained and what the tightening of lending rules stemming from the recent bank failures will mean for Federal Reserve policy.

The returns They have risen from six-month lows hit on Friday as stress in the banking sector appeared to be easing, following the failure of Silicon Valley Bank and Signature Bank earlier in the month.

Increased confidence in the banking system has also increased the likelihood that the Fed may apply another interest rate hike. as part of its fight against inflation, but a lot can happen before the meeting of the US central bank on May 2-3.

Source: Ambito

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