US open: Stocks extend gains as banks remain in focus
By Iain Gilbert
Date: Tuesday 21 Mar 2023
(Sharecast News) - Wall Street stocks were in the green early on Tuesday amid hopes that recent chaos in the banking sector may have finally been stifled.
As of 1520 GMT, the Dow Jones Industrial Average was up 0.68% at 32,463.54, while the S&P 500 advanced 0.90% to 3,987.24 and the Nasdaq Composite came out the gate 0.67% firmer at 11,753.19.
The Dow opened 218.96 points higher on Tuesday, building on gains recorded in the previous session.
Regional banks traded higher early in the session after Treasury Secretary Janet Yellen stated that the government was ready to provide further deposit guarantees to stem liquidity problems if the state of the current banking crisis worsens.
"The steps we took were not focused on aiding specific banks or classes of banks. Our intervention was necessary to protect the broader US banking system," said Yellen. "And similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion."
Traders now expect the Federal Reserve, which wraps up its two-day policy meeting on Wednesday, to slow its recent pace of tightening as a result of the unrest in the banking sector, with market participants pricing in a 0.25% rate hike.
On the macro front, existing home sales shot up 14.5% in February to annual rate of 4.58m, according to the National Association of Realtors, snapping a 12-month streak of declines for the largest monthly percentage increase since July 2020. Markets were expecting a significantly smaller 5% rebound.
"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said chief economist Lawrence Yun. "Moreover, we're seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs."
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $318.46 2.89%
JP Morgan Chase & Co. (JPM) $130.80 2.88%
American Express Co. (AXP) $162.42 2.32%
Travelers Company Inc. (TRV) $171.94 1.91%
Chevron Corp. (CVX) $157.41 1.83%
Walt Disney Co. (DIS) $95.87 1.75%
Nike Inc. (NKE) $123.26 1.70%
Caterpillar Inc. (CAT) $224.01 1.68%
Walgreens Boots Alliance, Inc. (WBA) $33.63 1.33%
Home Depot Inc. (HD) $291.48 0.77%
Dow Jones - Fallers
Intel Corp. (INTC) $28.15 -3.47%
Procter & Gamble Co. (PG) $143.96 -0.81%
McDonald's Corp. (MCD) $269.05 -0.62%
Microsoft Corp. (MSFT) $270.79 -0.53%
Cisco Systems Inc. (CSCO) $50.72 -0.43%
Coca-Cola Co. (KO) $60.35 -0.40%
Amgen Inc. (AMGN) $233.84 -0.37%
Apple Inc. (AAPL) $156.88 -0.33%
Walmart Inc. (WMT) $140.46 -0.31%
3M Co. (MMM) $104.21 -0.09%
S&P 500 - Risers
US Bancorp (USB) $37.28 8.23%
Foot Locker Inc. (FL) $42.54 6.72%
Keycorp (KEY) $12.44 6.64%
Comerica Inc. (CMA) $47.52 6.62%
Zions Bancorporation (ZION) $32.01 6.06%
Assurant Inc. (AIZ) $117.91 6.04%
Harley-Davidson Inc. (HOG) $39.68 5.67%
Brighthouse Financial, Inc. (BHF) $44.85 5.65%
Dish Network Corp. (DISH) $9.48 5.51%
Synchrony Financial (SYF) $29.97 5.34%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $0.89 -4.83%
Intel Corp. (INTC) $28.15 -3.47%
Alliant Energy Corp. (LNT) $52.17 -2.95%
Digital Realty Trust (DLR) $98.66 -2.95%
Newmont Corporation (NEM) $46.47 -2.83%
Consolidated Edison Inc. (ED) $94.17 -2.83%
Wisconsin Energy Corp. (WEC) $91.88 -2.82%
Applied Materials Inc. (AMAT) $120.66 -2.72%
Ameren Corp. (AEE) $83.64 -2.70%
Xcel Energy Inc. (XEL) $65.67 -2.55%
Nasdaq 100 - Risers
Qurate Retail Inc. (QRTEA) $0.96 6.67%
Dish Network Corp. (DISH) $9.48 5.51%
Tesla Inc (TSLA) $191.91 4.46%
Trip.com Group Limited (TCOM) $37.63 3.20%
Marriott International - Class A (MAR) $167.60 2.89%
American Airlines Group (AAL) $14.34 2.65%
Mercadolibre Inc. (MELI) $1,212.28 2.52%
Booking Holdings Inc. (BKNG) $2,554.29 2.46%
Wynn Resorts Ltd. (WYNN) $109.94 2.34%
Paypal Holdings Inc (PYPL) $75.02 2.32%
Nasdaq 100 - Fallers
Intel Corp. (INTC) $28.14 -3.52%
Applied Materials Inc. (AMAT) $120.87 -2.56%
Lam Research Corp. (LRCX) $504.97 -1.62%
Check Point Software Technologies Ltd. (CHKP) $129.32 -1.29%
Synopsys Inc. (SNPS) $370.89 -1.25%
KLA-Tencor Corp. (KLAC) $385.83 -1.05%
Seagate Technology Plc (STX) $61.42 -1.03%
Workday, Inc. (WDAY) $188.80 -0.97%
Broadcom Inc. (AVGO) $637.66 -0.94%
Asml Holdings N.V. (ASML) $640.34 -0.93%
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