Morgan Chittum
Traders on the floor of the New York Stock Exchange (NYSE) Spencer Platt/Getty Images US stocks marched higher on hopes that global banking turmoil has finally settled. The S&P 500 notched gains on Thursday, hitting a three-week high intraday. Investors are looking toward personal consumption expenditures data on Friday for a gauge on inflation. Loading Something is loading.
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US stocks climbed on Thursday as traders continued to shake off concerns around the health of the global banking system following this month’s string of collapses.
The S&P 500 hit a three-week high intraday, and the Nasdaq charged deeper into bull-market territory while on pace for its second-best quarter in a decade.
Initial filings for unemployment insurance ticked higher last week, but remain largely low amid a resilient labor market. Meanwhile, investors are looking toward personal consumption expenditures data on Friday for a gauge on inflationary pressures in the economy.
“Collectively, financial markets are pricing in the best of both worlds – a recession that allows rates to be low and brings inflation down sharply, yet one that does not have a massively negative effect on corporate earnings,” Ajay Rajadhyaksha, global chairman of research at Barclays, said in a Thursday note.
Here’s where US indexes stood at the 4:00 p.m. ET close on Thursday:
S&P 500: 4,050.83, up 0.57%Dow Jones Industrial Average: 32,859.03, up 0.43% (141.43 points)Nasdaq Composite: 12,013.47, up 0.73%Here’s what else happened today:
The FDIC is reportedly looking to fill a $23 billion hole from the failures of Silicon Valley Bank and Signature Bank, which could push large banks to cover a larger-than-usual share of costs.Kevin O’Leary said regional bank shares are “going to zero for sure.” “Dr. Doom” economist Nouriel Roubini predicted a “crypto apocalypse is coming,” this time at the hands of the top US securities regulator.US stocks could close this year 14% higher because the Fed will pause rate hikes amid continued banking turmoil, according to legendary investor Ed Yardeni. In commodities, bonds and crypto:
West Texas Intermediate crude oil up 1.82% to $74.3 per barrel. Brent crude, oil’s international benchmark, increased 1.2% to $79.22 a barrel.Gold edged 0.8% higher to $2,000 an ounce.The yield on the 10-year Treasury dipped 2 basis points to 3.47%.Bitcoin fell 1.43% to $28,023, while ether declined 1.44% to $1,783. Read next
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