The S&P 500 gained 0.6% to 4,050.40, while the Nasdaq Composite rose 0.7% to 12,013.62. The Dow Jones Industrial Average rose 0.4% to 32,859.89 units.
US stocks closed higher on Thursday as technology-related stocks extended their recent run, but the values of the regional banks fell after the Biden administration proposed stricter measures to help reduce the risk.
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The S&P500 tech index gave the S&P500 its biggest boostwhile the PHLX Semiconductor Index also rose, extending Wednesday’s strong gains. Thus, the S&P 500 gained 22.59 points, or 0.6%, to 4,050.40 units, Meanwhile he Nasdaq Composite rose 87.39 points, or 0.7%, to 12,013.62. The Dow Jones Industrial Average rose 142.29 points, or 0.4%, to 32,859.89.
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Shares of US regional banks fell after they the Biden administration announced tougher measures to help reduce the risk of future banking crises.
The KBW index of regional banks fell, and the S&P 500 financial index was the only sector of the S&P 500 to end the day with losses.
“Technology is probably the sector that is furthest from the financial sector, which is why there has been a sectoral rotation to the detriment of the financial sector,” said Jack Ablin, chief investment officer at Cresset Capital.
The banking turmoil, which began earlier this month with the bankruptcy of two regional US lenders, had sparked concerns of a broader financial crisis.
Investors also braced for the February reading of the Personal Consumption Expenditures Price Index. (PCE) expected for Friday, which could offer more clues about the path of the Federal Reserve’s interest rates. The January figures showed a strong acceleration in consumer spending.
On the other hand, applications for unemployment benefits were published on Thursday, which increased more than expected compared to the previous week, indicating a cooling in the labor market.
Source: Ambito
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