NEW YORK, March 21 ― US stocks jumped yesterday after a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system relieved investors,...
NEW YORK, March 21 ― US stocks jumped yesterday after a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system relieved investors, while participants also weighed the likelihood of a pause in rate hikes from the Federal Reserve this week.
While some bank shares were still lower on Monday, the weakness appeared to be contained, said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. Regional bank First Republic Bank fell 47.1 per cent following a downgrade by S&P Global and a report of more fundraising that fuelled fears about the bank's liquidity despite a US$30 billion rescue last week. Trading in shares of the bank was halted several times due to volatility.
“Where it is another bank coming in, that is the kind of headline that helps underpin confidence in the banking system,” Krosby said. “It helps to halt the panic and fear.” Fed funds futures now show a 28.4 per cent probability of the Fed holding its overnight rate at 4.5 per cent -4.75 per cent, and a 71.6 per cent likelihood of a 25 basis-point increase, according to CME's FedWatch Tool.
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