The US stock market finished session notable higher on Wednesday, 29 March 2023, as traders chased for risk assets on calming concerns of systemic risk in the US banking system after top U.S. regulators expressed confidence that banks were solvent, blaming the recent collapse of Silicon Valley Bank on mismanagement, rather than systemic risks. At the close of trade, the Dow Jones Industrial Average index advanced 323.35 points, or 1%, to 32,717.60. The S&P500 index increased by 56.54 points, or 1.42%, to 4,027.81. The tech-heavy Nasdaq Composite Index inclined 210.16 points, or 1.79%, to 11,926.24.
All 11 S&P500 sectors ended higher. Real estate was top performing sector, gaining 2.31%, meanwhile information technology (up 2.09%), consumer discretionary (up 1.9%), energy (up 1.5%), and financials (up 1.5%), energy materials (up 1.4%) sectors were notable gainers.
Shares of tech companies advanced. Meta and Netflix added more than 2%, and Apple closed nearly 2% higher. Amazon jumped more than 3%.
Shares of semiconductor firms were strong following a forecast from Micron that pointed to improving demand in the second half of the year. Micron jumped 7.2%, Intel surged 7.6% and Nvidia advanced 2.2%.
Shares of banks and financials were also higher, with First Republic piling on 5.9% and PacWest Bancorp winning 5.1%. UBS Group (UBS) shares moved sharply higher after the Swiss lender announced Sergio Ermotti will return as CEO to steer its massive takeover of Credit Suisse (CS).
ECONOMIC NEWS: The National Association of Realtors released a report showing pending home sales index climbed by 0.8% to 83.2 in February after spiking by 8.1% to 82.5 in January.
Powered by Capital Market - Live News