PET:CC - Bank Crisis Appears to Have Stabilized Stocks Warm to Situation
Stocks rose Thursday, building on the sharp gains from the previous session, as traders bet the regional banking crisis has stabilized.
The Dow Jones Industrials leaped 323.35 points, or 1%, to 32,717.60.
The S&P 500 recovered 56.54 points, or 1.4%, to 4,027.81.
The NASDAQ jumped 210.16 points to 11,926.24.
Regional bank stocks were on the rise, as such equities warmed to an apparent improvement of the situation. Shares of Western Alliance and PacWest gained more than 2% each.
Weekly jobless claims increased by 7,000 to 198,000, adding to hopes that the Fed could slow down its tightening campaign because the labor market is cooling. Elsewhere, Boston Federal Reserve President Susan Collins, Richmond Fed President Thomas Barkin and Minneapolis Fed President Neel Kashkari are all slated to speak in the afternoon.
Prices for the 10-year Treasury were unchanged, maintaining yields at Wednesday 3.57%
Oil prices regained 24 cents to $73.21 U.S. a barrel.
Gold prices improved $2.10 to $1,986,60 U.S. an ounce.