Financial stocks fell on Wednesday after the Federal Reserve raised interest rates by an expected quarter point and signaled that it was not too worried that the collapse of several banks this month would reverberate on the rest of the sector and the economy. KBW Nasdaq Commercial Banks Index and SPDR S&P Regional Banking ETF … Read more
“This is the first time in a long time that the FOMC has had a real decision to make,” said JonesTrading chief strategist Michael O’Rourke, who is among the handful urging the Fed to pause. “Remember, this banking crisis is the result of banks not properly preparing for a cycle of rising interest rates. Another … Read more
Posted: March 20, 2023 3:14 PM ET Risky debt issued by several European banks in response to the 2008 global financial crisis was under heavy pressure in New York trading on Monday after regulators orchestrated a sale from Credit Suisse to UBS, triggering a historic writedown in specialty bonds the process. Debt issued by Barclays … Read more
As of 4 p.m. ET, the Dow Jones Industrial Average added about 380 points, or 1.2%, and the S&P 500 rose 0.9%. The technology-focused Nasdaq Composite climbed 0.4%. The indices fell on Friday but have been relatively insulated from the banking crisis so far. Authorities sought to stem a dangerous decline in confidence in the … Read more
A tumultuous week in U.S. financial markets ended on an uncertain note on Friday after a massive injection of $30 billion in deposits from major banks into First Republic Bank failed to calm investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began … Read more
Bank of the First Republic FRC 27.29% and other regional lenders recouped their worst selloff in three years on Tuesday, a sign that regulators’ emergency measures to contain a banking crisis are easing investors. The sharpest rebounds were seen among regional banks which suffered the worst declines in recent days. Shares of the First Republic, … Read more
After a frantic weekend of regulators to the rescue that sparked a rally for US stock futures on Sunday night, the mood turned more cautious, with the exception of tech futures still celebrating. Is that many banks are in the red before the opening on Monday. Nervous investors may be wary of more shoes dropping … Read more
Saudi Arabia’s national oil company posted a record $161 billion annual profit for 2022, the largest ever by an energy company, bolstering the kingdom’s coffers as it seeks to showcase its trade and foreign policy ambitions global markets and to limit its heavy dependence on oil. Saudi oil Co. 2222 1.23% known as Aramco, said … Read more
Posted: March 10, 2023 1:55 PM ET DocuSign shares fell on Friday after Wall Street said an ongoing reorganization of the electronic signature company would likely cause near-term turbulence, although it beat expectations for the quarter. Shares of DocuSign DOCU fell 20% to an intraday low of $53.71, and were last down 19%. Shares also … Read more
Posted: March 10, 2023 1:34 PM ET Bitcoin saw its losses deepen on Friday, falling below $20,000 for the first time since January, as investors fret over contagion from Silicon Valley Bank, which was shuttered by regulators and taken over by the Federal Deposit Insurance Corp. days after crypto-friendly Silvergate Bank said it would cease … Read more
