Wall Street’s main indexes opened higher on Tuesday as the rescue of Credit Suisse calmed nerves about a bigger banking crisis, while investors awaited the outcome of the Federal Reserve’s monetary policy meet. The Dow Jones Industrial Average rose 176.13 points, or 0.55 percent, at the open to 32,420.71. The S&P 500 opened higher by…
US Taxpayers Could Be On the Hook for Credit Suisse Bailout, Expert Warns
March 21, 2023
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Following an emergency announcement on Sunday evening, the Federal Reserve loaned the Swiss National Bank (SNB) $101 million through its dollar swap facility. If the loan is not repaid by next week, U.S. taxpayers will foot the bill, a macroeconomic analyst told The Epoch Times. With its announcement over the weekend, the Fed—in coordination with…
Stocks Rise on Wall Street After Bank Deal, Regulator Moves
NEW YORK—Stocks rose on Wall Street Monday after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry. The S&P 500 climbed 34.93 points, or 0.9 percent, to 3,951.57. The Dow Jones Industrial Average gained 382.60, or 1.2 percent, to 32,244.58, and the Nasdaq composite…
IMF Approves Nearly $3 Billion Bailout for Sri Lanka
The International Monetary Fund (IMF) on Monday said its executive board approved a nearly $3 billion bailout for Sri Lanka, and the country’s presidency said the program will enable it to access up to $7 billion in overall funding. The decision will allow an immediate disbursement of about $333 million, the IMF said, and will spur financial…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 20)
March 20, 2023
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Benchmark U.S. crude oil for April delivery rose 90 cents to $67.64 a barrel Monday. Brent crude for May delivery rose 82 cents to $73.79 a barrel. Wholesale gasoline for April delivery rose 4 cents to $2.54 a gallon. April heating oil rose 1 cent to $2.69 a gallon. April natural gas fell 12 cents…
The Costs and Consequences of the SVB Bailout
March 20, 2023
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Commentary Banking regulators, along with the board of directors and management of Silicon Valley Bank (SVB), each failed to see or prevent the problems that destroyed in less than a week one of the largest banks in the country. The regulators, whose mandate is explicitly designed to prevent such a disaster, allowed SVB to grow…
Wall Street Opens Mixed on Bank Fears, Rate-Hike Pause Hopes
Wall Street’s main indexes opened mixed on Monday as investors weighed a state-backed takeover of Credit Suisse and the odds of the Federal Reserve keeping interest rates unchanged this week. The Dow Jones Industrial Average rose 10.35 points, or 0.03 percent, at the open to 31,872.33. The S&P 500 opened higher by 0.83 points, or…
Too Wrong to Fail
March 20, 2023
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Commentary As the old saw goes, a banker is someone who lends you his umbrella when the sun is shining and then wants it back as soon as the first drops of rain fall. Hostility toward money lenders goes way back. In the Middle Ages in Europe, to deposit your money with one was unlawful,…
Morgan Stanley Strategist Warns of ‘Vicious’ Bear Market Phase as Bank Turmoil Challenges Investors
March 20, 2023
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Morgan Stanley’s top investment officer has warned that investors shouldn’t see the bailout of Silicon Valley Bank’s uninsured depositors as a reason to get bullish on stocks, predicting a “vicious” final stretch to the current bear market marked by sharp price declines and few opportunities to hedge portfolios against losses. The lightning-fast collapses of Silicon…
Safe-Haven Yen Jumps as Credit Suisse Deal Sparks Further Jitters
TOKYO/LONDON—Japan’s yen rallied on Monday as investors sought out safe assets after UBS’ cut-price takeover of its beleaguered rival Credit Suisse failed to quell market nerves. Under the deal, holders of $17 billion of Credit Suisse additional tier-1 (AT1) bonds will be wiped out. That angered some of the holders of the debt who thought…
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