NEW YORK, March 22 ― Wall Street closed sharply higher yesterday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal...
NEW YORK, March 22 ― Wall Street closed sharply higher yesterday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting today with a 25 basis-point hike to its policy rate.
But banking stocks bounced back on Tuesday, building on Monday's reversal. Still, despite its recent resurgence, the S&P Banks index has lost more than 18 per cent of its value just this month. Treasury Secretary Janet Yellen, in prepared remarks before the American Bankers Association, said the US banking system has stabilised due to decisive actions from regulators, but warned more action might be required.
At last glance, financial markets have now priced in an 83.4 per cent likelihood of a 25 basis-point rate hike, and a 16.6 per cent probability that the central bank will leave its policy rate unchanged, according to CME's FedWatch tool. Eight of the 11 major sectors in the S&P 500 ended the session in positive territory, with energy stocks, boosted by rising crude prices, posting the largest percentage gains.
Tesla Inc advanced 7.8 per cent after the electric automaker appeared on track to report one of its best quarters in China, according to car registration data.
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