The main stock indices are trading in the green this Tuesday, May 17, after Western Alliance to lead a rebound among regional banks amid cautious optimism about a possible breakout of the impasse in Washington on the nation’s debt limit and that in the previous day all the indices closed in red.
The Dow Jones Industrial Average was up, or 0.6%, the S&P 500 was up 0.6%; and the Nasdaq Composite was up 0.6%.
Shares of regional banks rose, led by a 12.6% rise from Western Alliance Bancorp, as deposit growth exceeded $2 billion and Bank of America Global Research brokerage resumed coverage of the entity with a “buy” rating.
PacWest Bancorp, Comerica Inc and Zions Bancorporation NA were up between 9.2% and 6.5%.
The KBW regional banking index gained 3.1% after losing 1.8% in the previous session, while the S&P 500 banks added 2.4%.
The president of United States, Joe Bidenwill continue talks with congressional leaders on the debt ceiling later in the week, the White House said a day after an hour-long meeting considered productive.
“The cautious optimism expressed by both President Biden and Speaker of Congress (Kevin) McCarthy about the progress of the debt talks has made people feel a little better”said Michael James of Wedbush Securities.
Retailers Target Corp and TJX Companies Inc are forecasting below-expected quarterly earnings despite beating first-quarter estimates. Target shares rose 1.4% and TJ Maxx parent 2.6%.
Source: Ambito
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