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  • US Stocks gain on calming jitters in the banking sector
  • March 28,2023  09:12
  • The US stocks were mostly higher on Monday, 27 March 2023, with the Dow and the S&P indexes settling above the neutral line, while the Nasdaq closed in negative territory.

    At the close of trade, the Dow Jones Industrial Average index advanced 194.55 points, or 0.6%, to 32,432.08. The S&P500 index increased by 6.54 points, or 0.16%, to 3,977.53. The tech-heavy Nasdaq Composite Index declined 55.12 points, or 0.47%, to 11,768.84.

    Total 8 of 11 S&P500 sectors ended higher. Energy was top performing sector, gaining 2.1%, followed by financials (up 1.4%), industrials (up 0.82%), and materials (up 0.74%) sectors. Communication services was bottom performing sector, falling 1.08%.

    The early strength on Wall Street came on calming jitters in the banking sector after deal for Silicon Valley Bank's assets and authorities and regulators gave assurances that the broader financial system is sound.

    First Citizens BancShares has entered into a loss-share transaction for all deposits and loans of the Silicon Valley Bank's, the U.S. Federal Deposit Insurance Corporation (FDIC) said in a statement, helping ease fears of a global banking crisis. The FDIC said the transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank's assets at a discount of $16.5 billion.

    Meanwhile, European Central Bank President Christine Lagarde stated European Union leaders on Friday that the euro-area banking sector remains healthy.

    Separately, Deutsche Bank remains profitable and there's no reason to doubt its future, German Chancellor Olaf Scholz said on Friday during a news conference in Brussels.

    Elsewhere, the U.S. Financial Stability Oversight Council said the U.S. banking system was sound and resilient despite stress on some institutions.

    Buying interest waned over the course of the session, however, with a lack of major U.S. economic data keeping some traders on the sidelines.

    Among Indian ADR, INFOSYS was up 1.31% at $17.02, WNS Holdings was up 0.98% to $89.72, ICICI Bank added 0.3% to $20.80, and HDFC Bank added 1.56% at $64.38. Dr Reddy's labs added 0.84% to $55.24, Azure Power Global rose 6.6% to $2.10, and Wipro was up 0.45% at $4.43.

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