25 March 2023
3596
2 min.
16
Stock market on Friday
The US stock market ended Friday's trading with gains in the utilities, health care and consumer goods sectors.
At the close on the New York Stock Exchange, the Dow Jones was up 0.41 per cent, the S&P 500 was up 0.56 per cent and the NASDAQ Composite was up 0.31 per cent.
The CBOE Volatility Index, which is derived from options trading on the S&P 500, fell 3.85% to 21.74.
Gold futures for April delivery lost 0.75%, or 14.90, to $1.00 per troy ounce. In other commodities, WTI crude futures for May delivery fell 1.09%, or 0.76, to $69.20 a barrel. Brent crude futures for May delivery fell 1.25%, or 0.95, to $74.96 a barrel.
The collapse of Silicon Valley Bank has raised concerns about financial stability among investors, leading to uncertain sentiment in the banking industry on Friday. In a speech in St. Louis, James Bullard expressed optimism that financial stress would decrease, citing an 80% probability of improvement.
However, the stock market reflected a different story as major banks such as JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C), and Goldman Sachs (GS) closed lower. Bank of America (BAC) was able to recover from previous losses and finished the day flat.
On the other hand, regional banks like PacWest Bancorp (PACW), Western Alliance Bancorporation (WAL), and Regions Financial (RF) experienced a rebound in midday trading, closing higher despite earlier losses. First Republic Bank (FRC) briefly turned positive around 2 p.m. ET but ultimately ended the day down over 1%.
In Europe, Deutsche Bank (DB) and UBS (UBS) saw a decline in their shares, with Deutsche Bank's credit default swaps reaching a four-year high, exacerbating concerns about stability abroad. This followed Credit Suisse's downfall, which continued to affect European banks. According to Reuters, Deutsche Bank's credit default swaps, a type of insurance against default, reached a four-year high, further highlighting concerns about stability abroad.
Persons1 and Companies15 in the news
Section:
Source foto:
Related news
534
2621
2674
3106
Last news
58
288
322
Rating companies
17 Mention
14 Mention
10 Mention
9 Mention
8 Mention
8 Mention
8 Mention
7 Mention
7 Mention
7 Mention
NEW YORK NEWS
News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova
Development Director
