Stock Market News

U.S. stocks are rising after regional banks stage a rally

2023.03.16 11:48


© Reuters.

By Liz Moyer

Investing.com — U.S. stocks were rising in late morning trading on Thursday, clawing back earlier losses as regional banks staged a rally.

At 11:37 ET (15:37 GMT), the was up 115 points or 0.4%, while the was up 0.9% and the was up 1.6%.

First Republic Bank (NYSE:) shares tumbled 25% on fears of a widening bank crisis. The Wall Street Journal reported that big banks including JPMorgan (NYSE:) and Morgan Stanley (NYSE:) were considering a cash infusion for First Republic. The SPDR® S&P Regional Banking ETF (NYSE:) turned positive, up 0.2%. 

Credit Suisse Group (NYSE:) shares were up 3.9% after it said it got a credit line up to $54 billion from the Swiss National Bank, helping to bolster liquidity.

The European Central Bank by a half percentage point, though the Federal Reserve is not expected to follow suit next week. Most futures traders are  in a quarter of a percentage point rate increase from the Fed after its meeting.

Complicating efforts to forecast the Fed’s next move, fell to 192,000 and were lower than the expected 205,000. They were also down from the prior week, an indication of a still-tight labor market despite signs inflation is easing somewhat.

The Fed’s manufacturing index, a key measure of U.S. manufacturing activity, was below expectations in March, but improved marginally compared to the prior month.

American social media companies were rising on word the Biden administration may try to ban TikTok in the U.S. if the China-based parent of the short-video platform doesn’t divest itself. Shares of Meta Platforms Inc (NASDAQ:) rose 1.9% as did Snap Inc (NYSE:), up 6.4%.

 

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,576.41 0.12%
ethereum
Ethereum (ETH) $ 3,429.60 2.49%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 257.17 0.62%
bnb
BNB (BNB) $ 670.77 0.62%
xrp
XRP (XRP) $ 1.47 5.17%
dogecoin
Dogecoin (DOGE) $ 0.438343 4.96%
usd-coin
USDC (USDC) $ 1.00 0.11%
cardano
Cardano (ADA) $ 1.07 2.09%
staked-ether
Lido Staked Ether (STETH) $ 3,427.58 2.44%
tron
TRON (TRX) $ 0.216641 3.51%
stellar
Stellar (XLM) $ 0.585075 34.46%
avalanche-2
Avalanche (AVAX) $ 42.36 1.62%
the-open-network
Toncoin (TON) $ 6.44 14.08%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 0.44%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,063.50 2.54%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,241.32 0.17%
polkadot
Polkadot (DOT) $ 9.10 18.83%
chainlink
Chainlink (LINK) $ 17.80 4.87%
bitcoin-cash
Bitcoin Cash (BCH) $ 513.41 3.22%
weth
WETH (WETH) $ 3,432.31 2.63%
sui
Sui (SUI) $ 3.47 4.36%
pepe
Pepe (PEPE) $ 0.000021 1.78%
near
NEAR Protocol (NEAR) $ 6.67 4.37%
leo-token
LEO Token (LEO) $ 8.68 0.95%
litecoin
Litecoin (LTC) $ 101.82 0.22%
aptos
Aptos (APT) $ 12.95 1.43%
uniswap
Uniswap (UNI) $ 11.12 6.01%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,612.89 2.56%
hedera-hashgraph
Hedera (HBAR) $ 0.152347 1.71%
internet-computer
Internet Computer (ICP) $ 11.70 5.02%
crypto-com-chain
Cronos (CRO) $ 0.198212 3.50%
usds
USDS (USDS) $ 1.00 0.52%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.580002 7.27%
ethereum-classic
Ethereum Classic (ETC) $ 30.29 2.84%
render-token
Render (RENDER) $ 8.10 2.13%
bittensor
Bittensor (TAO) $ 543.11 1.70%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.52 12.48%
kaspa
Kaspa (KAS) $ 0.155344 3.32%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.15%
arbitrum
Arbitrum (ARB) $ 0.886909 7.17%
whitebit
WhiteBIT Coin (WBT) $ 24.76 0.61%
bonk
Bonk (BONK) $ 0.000047 4.80%
filecoin
Filecoin (FIL) $ 5.93 14.42%
vechain
VeChain (VET) $ 0.043951 2.84%
cosmos
Cosmos Hub (ATOM) $ 9.04 13.24%
dai
Dai (DAI) $ 1.00 0.13%
mantra-dao
MANTRA (OM) $ 3.84 1.54%
dogwifcoin
dogwifhat (WIF) $ 3.30 2.36%
okb
OKB (OKB) $ 54.24 9.07%