Friday, June 2, 2023

Wall Street, the roller coaster: closed higher after a tumultuous week

The New York Stock Exchange opened lower on Friday but eventually rose after US Federal Reserve officials eased investment fears about a possible liquidity crisis in the financial sector.

Don’t leave me

The New York Stock Exchange opened lower on Friday, once again shaken by the West Bank earthquake, this time with Germany’s Deutsche Bank on the lookout. But it eventually closed higher after US Federal Reserve officials calmed investor fears of a possible liquidity crisis in the financial sector.

The content you want to access is exclusive to subscribers.

subscribe I already subscribed

While all three major US stock indexes started the session heavily lower after European banks plunged, losses were reversed at the close of the bell, repeating the intraday roller coaster of recent sessions.

Learn more
Stock reversal rate: gamestop up to 35% on wall street
The wall came crashing down after the power announcements and powell's speech

According to preliminary data, the Dow Jones Industrial Average gained 137.48 points, or 0.4%, to 32,242.73, while the S&P 500 rose 22.63 points, or 0.6%, to 3,971.35. The Nasdaq composite rose 36.76 points, or 0.3%, to 11,824.16.

“Some businesses continue to have a different image in the United States or abroad,” said David Carter, managing director of JPMorgan Private Bank in New York, adding: “Wall Street looks to Washington and other capitals when it comes to interest rates and loan regulations.” .

In separate appearances, the three presidents of regional H banks said they were confident their banking system would not face a liquidity crisis, which led to the decision to implement a 25 basis point hike on Wednesday.

Concerns about possible contagion beyond regional banks to larger competitors have been fueled by a sell-off in European banking shares, spurred by a sell-off from Deutsche Bank’s rising debt funds.

Those doubts were resolved during the afternoon with the S&P 500 banking index posting modestly lower, and the KBW regional banking index closing much higher.

Shares of major US banks such as JPMorgan Chase & Co, Wells Fargo pared losses but ended lower, and Bank of America closed in the green.

Regional lenders PacWest Bancorp, Western Union Bank and Corp. Financial Truist also falls in reverse, while First Republic Bank closes in the red.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news


Please enter your comment!
Please enter your name here