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US close: Stocks higher as banks continue to drive markets

By Iain Gilbert

Date: Monday 20 Mar 2023

US close: Stocks higher as banks continue to drive markets

(Sharecast News) - Wall Street stocks closed higher on Monday as the current state of the global banking system remained firmly in focus.
At the close, the Dow Jones Industrial Average was up 1.20% at 32,244.58, while the S&P 500 advanced 0.89% to 3,951.57 and the Nasdaq Composite saw out the session 0.39% lower at 11,675.54.

The Dow closed 382.60 points higher on Monday, reversing losses recorded in the previous session as the banking sector weighed on major indices.

Banks continued to drive markets on Monday after the Swiss government engineered a forced CHF 3.0bn (£2.64bn) takeover of Credit Suisse by UBS, yet another attempt by policymakers to stop a crisis threatening the banking sector.

Regional banks were still drawing an amount of investor attention amid calls to shore up their deposit bases following the shuttering of Silicon Valley Bank earlier in March, with analysts expecting that more actions will likely be needed if the Federal Reserve can restore confidence in the banking system after it backstopped SVB's uninsured deposits and offered new funding for troubled banks.

First Republic shares closed more than 47% lower after shedding a whopping 72% in the previous week, with further losses coming even as a consortium of banks vowed to deposit $30.0bn with the struggling San Francisco lender or at least 120 days.

Oil prices headed both ways on Monday, with Brent crude up 1.12% at $73.79 a barrel and West Texas Intermediate changing hands 0.13% softer at $67.55 per barrel, while the two and ten-year Treasury yields hit to their lowest levels in six months early in the session before jumping back to 3.991% and 3.486%, respectively.

In terms of earnings, Foot Locker smashed fourth-quarter earnings estimates of $0.51 with its $0.97 per share performance, while revenues came to $8.76bn - at the top end of consensus.

Also in corporate headlines, Amazon revealed it will lay off 9,000 more employees, according to CEO Andy Jassy, on top of previously announced layoffs that affected more than 18,000 employees.

No major data points were released on Monday.





Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Dow Chemical Co. (DOW) $51.26 2.48%
Caterpillar Inc. (CAT) $220.19 2.47%
Travelers Company Inc. (TRV) $168.71 2.23%
Amgen Inc. (AMGN) $234.72 2.15%
Goldman Sachs Group Inc. (GS) $309.41 1.97%
Boeing Co. (BA) $204.77 1.85%
International Business Machines Corporation (CDI) (IBM) $125.92 1.82%
Verizon Communications Inc. (VZ) $37.43 1.74%
Merck & Co. Inc. (MRK) $105.85 1.68%
Unitedhealth Group Inc. (UNH) $476.96 1.59%

Dow Jones - Fallers

Microsoft Corp. (MSFT) $272.23 -2.58%
Intel Corp. (INTC) $29.16 -2.18%
Dowdupont Inc. (DWDP) $0.00 0.00%
Salesforce.Com Inc. (CRM) $185.25 0.22%
Home Depot Inc. (HD) $289.20 0.30%
Visa Inc. (V) $218.15 0.35%
Nike Inc. (NKE) $121.15 0.67%
Walgreens Boots Alliance, Inc. (WBA) $33.19 0.85%
Coca-Cola Co. (KO) $60.60 0.97%
Johnson & Johnson (JNJ) $153.89 0.99%

S&P 500 - Risers

NRG Energy Inc. (NRG) $33.63 6.83%
Assurant Inc. (AIZ) $111.19 5.98%
Unum Group (UNM) $38.59 5.29%
Cincinnati Financial Corp. (CINF) $110.41 5.24%
Fifth Third Bancorp (FITB) $26.21 5.05%
Lincoln National Corp. (LNC) $21.29 4.93%
Packaging Corp. Amer (PKG) $133.50 4.85%
Westrock Company (WRK) $28.38 4.80%
US Bancorp (USB) $34.45 4.55%
Raymond James Fin Corp. (RJF) $91.88 4.39%

S&P 500 - Fallers

Foot Locker Inc. (FL) $39.86 -5.68%
Nektar Therapeutics (NKTR) $0.93 -4.98%
Gap Inc. (GPS) $9.42 -2.89%
Nordstrom Inc. (JWN) $16.08 -2.78%
Microsoft Corp. (MSFT) $272.23 -2.58%
Intel Corp. (INTC) $29.16 -2.18%
Illumina Inc. (ILMN) $219.77 -2.13%
Macy's Inc. (M) $18.50 -2.01%
Kohls Corp. (KSS) $22.81 -1.85%
FedEx Corp. (FDX) $216.24 -1.85%

Nasdaq 100 - Risers

Verisk Analytics Inc. (VRSK) $185.50 3.02%
Vodafone Group Plc ADS (VOD) $11.28 3.01%
Dollar Tree Inc (DLTR) $141.08 2.87%
Gilead Sciences Inc. (GILD) $79.46 2.78%
Liberty Global plc Series C (LBTYK) $20.07 2.71%
Marriott International - Class A (MAR) $163.04 2.69%
Idexx Laboratories Inc. (IDXX) $483.26 2.52%
Fiserv Inc. (FISV) $110.81 2.44%
PACCAR Inc. (PCAR) $70.35 2.42%
eBay Inc. (EBAY) $43.04 2.33%

Nasdaq 100 - Fallers

Microsoft Corp. (MSFT) $272.23 -2.58%
Intel Corp. (INTC) $29.16 -2.18%
Illumina Inc. (ILMN) $219.77 -2.13%
Mercadolibre Inc. (MELI) $1,182.75 -1.53%
Align Technology Inc. (ALGN) $316.36 -1.41%
Amazon.Com Inc. (AMZN) $97.71 -1.25%
Dish Network Corp. (DISH) $8.99 -1.21%
J.B. Hunt Transport Services Inc. (JBHT) $165.66 -1.10%
Trip.com Group Limited (TCOM) $36.44 -0.57%
Alphabet Inc. Class C (GOOG) $101.93 -0.52%

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