US close: Stocks extend rally as chaos in banking sector cools
By Iain Gilbert
Date: Wednesday 22 Mar 2023
(Sharecast News) - Wall Street stocks ended the session firmly in the green on Tuesday amid hopes that recent chaos in the banking sector may have finally been stifled.
At the close, the Dow Jones Industrial Average was up 0.98% at 32,560.60, while the S&P 500 advanced 1.30% to 4,002.87 and the Nasdaq Composite saw out the session 1.58% firmer at 11,860.11.
The Dow closed 316.02 points higher on Tuesday, building on gains recorded in the previous session.
Regional banks traded higher throughout 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 hikes.
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
American Express Co. (AXP) $164.56 3.67%
Nike Inc. (NKE) $125.61 3.64%
Chevron Corp. (CVX) $159.31 3.06%
JP Morgan Chase & Co. (JPM) $130.55 2.68%
Goldman Sachs Group Inc. (GS) $317.28 2.50%
Walt Disney Co. (DIS) $96.54 2.46%
Caterpillar Inc. (CAT) $224.92 2.09%
Salesforce.Com Inc. (CRM) $188.68 1.85%
Travelers Company Inc. (TRV) $171.66 1.80%
Visa Inc. (V) $221.95 1.74%
Dow Jones - Fallers
Intel Corp. (INTC) $28.46 -2.40%
Amgen Inc. (AMGN) $232.95 -0.75%
Procter & Gamble Co. (PG) $144.08 -0.72%
Cisco Systems Inc. (CSCO) $50.67 -0.53%
Coca-Cola Co. (KO) $60.32 -0.46%
Walmart Inc. (WMT) $140.42 -0.34%
Merck & Co. Inc. (MRK) $105.54 -0.29%
McDonald's Corp. (MCD) $270.21 -0.20%
Boeing Co. (BA) $204.70 -0.03%
3M Co. (MMM) $104.29 -0.02%
S&P 500 - Risers
Keycorp (KEY) $12.76 9.34%
Comerica Inc. (CMA) $48.63 9.11%
Truist Financial Corp. (TFC) $33.69 9.03%
US Bancorp (USB) $37.52 8.91%
Foot Locker Inc. (FL) $42.68 7.07%
Zions Bancorporation (ZION) $32.29 6.99%
Apache Corp. (APA) $35.04 6.57%
Dish Network Corp. (DISH) $9.58 6.56%
FMC Technologies Inc. (FTI) $13.54 6.45%
Charles Schwab Corp. (SCHW) $59.47 5.99%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $0.87 -6.21%
Atmos Energy Corp. (ATO) $110.21 -4.07%
Consolidated Edison Inc. (ED) $93.19 -3.84%
Digital Realty Trust (DLR) $97.83 -3.77%
Alliant Energy Corp. (LNT) $52.01 -3.26%
CMS Energy Corp. (CMS) $59.95 -3.13%
Centerpoint Energy Inc. (CNP) $28.24 -3.12%
NiSource Inc. (NI) $26.98 -3.02%
Applied Materials Inc. (AMAT) $120.40 -2.93%
Xcel Energy Inc. (XEL) $65.50 -2.80%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $197.58 7.82%
Qurate Retail Inc. (QRTEA) $0.96 7.43%
Dish Network Corp. (DISH) $9.58 6.56%
Paypal Holdings Inc (PYPL) $76.72 4.79%
Trip.com Group Limited (TCOM) $38.10 4.56%
Alphabet Inc. Class C (GOOG) $105.84 3.84%
Alphabet Inc. Class A (GOOGL) $104.92 3.66%
Align Technology Inc. (ALGN) $327.64 3.57%
Autodesk Inc. (ADSK) $207.15 3.36%
Mercadolibre Inc. (MELI) $1,220.42 3.18%
Nasdaq 100 - Fallers
Applied Materials Inc. (AMAT) $120.40 -2.93%
Intel Corp. (INTC) $28.46 -2.40%
KLA-Tencor Corp. (KLAC) $385.06 -1.25%
Lam Research Corp. (LRCX) $507.36 -1.16%
Check Point Software Technologies Ltd. (CHKP) $129.52 -1.14%
Broadcom Inc. (AVGO) $636.75 -1.08%
Incyte Corp. (INCY) $73.49 -0.98%
Amgen Inc. (AMGN) $232.95 -0.75%
Monster Beverage Corp (MNST) $103.79 -0.73%
Biogen Inc (BIIB) $266.15 -0.66%
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