Stocks close higher
The US stock market closed out Friday's trading with gains in multiple sectors, including consumer goods, consumer services, and technology.
The Dow Jones, S&P 500, and NASDAQ Composite all ended the day with gains, up 1.26%, 1.44%, and 1.74%, respectively.
Meanwhile, the CBOE Volatility Index, which is derived from options trading on the S&P 500, fell by 1.68% to reach 18.70.
In the commodities market, gold futures for June delivery lost 0.51%, or 10.10, to reach $1.00 per troy ounce. WTI crude futures for May delivery, on the other hand, rose 1.59%, or 1.18, to $75.55 a barrel, while Brent crude futures for June delivery rose 1.50%, or 1.18, to $79.78 a barrel.
On the New York Stock Exchange, 2,481 securities gained more than 523, while 69 stocks were almost flat. On the NASDAQ stock exchange, 2,575 companies gained, 1,040 declined, and 166 remained flat at the previous close. Primary credit lending totaled $88.2 billion while banks took out $64.4 billion through the Fed’s new Bank Term Funding Program, according to Fed data released Thursday that covered the period from March 22-29. That total of $152.6 billion was down slightly from $164 billion the week before and a further sign the crisis was stabilizing as the month comes to an end.
The SPDR Regional Banking ETF (KRE) closed about 1% higher on Friday, continuing its comeback from the contagion lows. Meanwhile, tech stocks were the big winner this month as investors rotated out of financials. The Technology Select SPDR ETF (XLK) added roughly 10% in March.
This recent rally is helping to confirm the market's perception that the problems that brought the market to a crisis of confidence could very well be contained. As Quincy Krosby, chief global strategist for LPL Financial, notes, "the recent rally is helping to confirm the market's perception that the problems that brought the market to a crisis of confidence could very well be contained." With the market showing signs of stabilizing and tech stocks leading the way, investors may want to keep an eye on the markets and consider their investment strategies moving forward.
