Dow Makes Slight Recovery in New York Equities, Nervousness High at Intervals: Summary

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NEW YORK (awp international) – The US stock exchanges closed on Thursday after a roller coaster ride. They made up for part of their significant losses from the previous day. New statements by the US Treasury Secretary bolstered sentiment after Janet Yellen had contributed significantly to the setback on Wall Street the day before.

The Dow Jones Industrial ended the session up 0.23 percent to 32,105.25 points. The day before, when the US Federal Reserve had moderately raised the key interest rate as expected, the best-known Wall Street index had fallen by 1.6 percent. According to dealers, Yellen’s statement that there would be no “blanket” deposit insurance to stabilize the US banking system had contributed to this. On Thursday, she said the government stands ready to take further measures to protect bank deposits if needed.

The market-wide S&P 500 ended trading up 0.30 percent to 3948.72 points. The Nasdaq 100 was up 1.29 percent to 12,729.23 points.

Many bank stocks that had started a new recovery attempt in early trading were sold again. Among regional banks, First Republic Bank fell 6.0 percent, and Comerica and PacWest Bancorp each fell 8.6 percent.

Industry giants such as JPMorgan in the Dow or Citigroup in the S&P 100 posted moderate losses. Bank of America and Morgan Stanley, on the other hand, fell more significantly. Goldman Sachs, on the other hand, rose slightly.

The shares of the cryptocurrency exchange Coinbase lost around 14 percent after they had recently struggled a bit. In a dispute that has been simmering for a long time, the US Securities and Exchange Commission (SEC) is threatening to sue her for some products.

Block Inc (formerly Square) shares are down almost 15 percent. According to Hindenburg Research, it has shorted shares in the US payment service provider, so it is betting on falling prices. In January, the company, which is known for short selling, bet on the stock market against the corporate empire of Indian billionaire Gautam Adani, causing its shares to plummet.

On the other hand, the papers of the construction company KB Home and that of the consulting company Accenture recorded significant gains, each with a little more than 7 percent, according to the figures presented. Accenture, however, had lowered its annual targets at the same time and now wants to focus on efficiency and cut around 19,000 jobs.

The euro fell noticeably in the course of trading and most recently cost $1.0832. At times, the common currency had risen to almost $1.0930, its highest level since early February. The European Central Bank had set the reference rate in Frankfurt at 1.0879 dollars.

US Treasury bonds gained after a little changed start of trading. The futures contract for ten-year bonds (T-Note Future) recently rose by 0.88 percent to 116.11 points. The yield on ten-year government bonds fell to 3.38 percent./ck/jha/

— By Claudia Müller, dpa-AFX —