Wall Street ended the day higher, with Fed hopes contained
New York’s major indices had a positive day as markets were reassured of the stability of the financial system. First Republic Bank stock rose more than 29%.
Andrew Kelly/Reuters
Wall Street ended the day in the green, with markets calmed down on assurances that the financial system is stable, after a tumultuous two weeks. Investors are still assessing the possibility of the US Federal Reserve raising interest rates by 25 basis points.
The Dow Jones Industrial Average rose 0.98%, to 32,56.6 points. On the other hand, the Standard & Poor’s 500 Index (S&P 500) rose 1.3% to 4,002.87 points. Indeed, the Nasdaq Technology Composite Index rose 1.58% to 11,860.11 points.
Among the major market moves, First Republic Bank rose 29.47% to $15.77, after it was reported that JP Morgan is helping the financial institution define a strategy to ensure its viability.
“This is the easiest market scenario,” said analyst Nicholas Colas of DataTrek Research for Bloomberg, adding that “expectations for a dramatic scenario in terms of monetary policy are decreasing,” given that “expectations for Fed decisions are now among the market possibilities, which is Good for the stock market.
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