NEW YORK—Stocks rallied Wednesday as Wall Street shakes off more of the fear that dominated it earlier this month. The S&P 500 rose 1.4 percent for its fourth gain in the last five days. The Dow Jones Industrial Average climbed 323 points, or 1 percent, while the Nasdaq composite jumped 1.8 percent. They followed similar…
Wall Street Opens Higher as Banking Crisis Fears Ebb
Wall Street’s main indexes opened higher on Wednesday as easing worries about a banking crisis lifted risk sentiment, while investor expectations rose about a pause in the Federal Reserve’s interest rate hikes. The Dow Jones Industrial Average rose 172.29 points, or 0.53 percent, at the open to 32,566.54. The S&P 500 opened higher by 28.26…
Sergio Ermotti Returns as UBS CEO to Steer Credit Suisse Takeover
March 29, 2023
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Business & MarketsCEOCompaniesCredit Suisseeconomic policieseconomyEuropeMarketsSergio ErmottistocksUBSWorld
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ZURICH—UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbor Credit Suisse—a surprise move to take advantage of the Swiss banker’s experience rebuilding the bank after the global financial crisis. The trader turned corporate problem fixer faces the tough challenge of laying off thousands of staff, cutting back Credit…
Shares Rise as Bank Support Emboldens Investors
March 29, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global shares rose on Wednesday, as investors took heart from a greater degree of stability in the banking sector, but the sense of optimism wasn’t robust enough to severely knock safe-haven assets like bonds or gold. Meanwhile, shares in Asia rallied on Wednesday after Chinese conglomerate Alibaba’s plans to split into six units lifted tech…
Dollar Steadies in Uneasy Market Calm
TOKYO/LONDON—The dollar edged up against most major peers on Wednesday, steadying after recent declines, and gaining sharply against the yen which was volatile as the end of the Japanese fiscal year approaches. The dollar index, which tracks the currency against six peers, gained 0.15 percent to 102.64. It has fallen for the past two sessions,…
Oil Gains for 3rd Day on Kurdish Supply Concern, Easing Banking Fears
March 29, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose for a third session on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and as easing fears of a global banking crisis supported risk sentiment in the wider markets. Crude exports of 450,000 barrels per day (bpd) from Iraq’s semi-autonomous northern Kurdistan region were halted on…
Stocks Mostly Hold Steady as Wall Street Regains Stability
NEW YORK—Stocks were mixed Tuesday as Wall Street regains some stability at the tail end of what’s been a turmoil-filled month. The S&P 500 dipped 6.26 points, or 0.2 percent, to 3,971.27, though the majority of stocks within the index rose. The Dow Jones Industrial Average slipped 37.83, or 0.1, percent, to 3,394.25, and the…
US Banks Raising Savings Rates to Keep Customers From Running Due to SVB Collapse Jitters
March 28, 2023
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Business & Marketscd ratesCompanieseconomic policieseconomyInvestmentMarketspersonal financesavings ratesSilicon Valley BankstocksUSUS News
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American banks are currently raising their savings rates to keep customers from running due to jitters following the collapse of Silicon Valley Bank (SVB) and Signature Bank. The ongoing crisis in the banking industry is pushing lenders to offer more perks for customers, USA Today reported. Many depositors have been transferring their money from regional banks…
Wall Street Muted at Open After Recent Bounce; Banks in Focus
Wall Street’s main indexes were subdued at the open on Tuesday following a three-day rally in the S&P 500 and the Dow that was fueled by support measures for the banking sector and a deal for Silicon Valley Bank assets. The Dow Jones Industrial Average rose 2.77 points, or 0.01 percent, at the open to…
Dollar Slips as Banking Sector Fears Ease, Yen Climbs
LONDON/TOKYO—The U.S. dollar fell slightly on Tuesday as receding fears of a full-blown banking crisis slowed demand for so-called safe haven assets. The yen rallied, despite traditionally also being a safe haven, with analysts pointing to a pick-up in flows ahead of the end of Japan’s fiscal year on Friday. The dollar fell as low…
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