Traders have raised bets of the Fed likely hitting a pause on rate hikes on Wednesday to ensure financial stability.
The Dow Jones Industrial Average soared 356 points, or 1.1%, to 32,211, the Nasdaq edges up 0.3%, and the S&P 500 was up 0.8%.
Traders have raised bets of the Fed likely hitting a pause on rate hikes on Wednesday to ensure financial stability as bank sector troubles triggered by the collapse of Silicon Valley Bank and Signature Bank threaten to snowball. Over the weekend, UBS agreed to buy rival Credit Suisse for $3.23 billion, in a merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.
US-listed shares of Credit Suisse plummeted 49% to hit a fresh record low, while UBS reversed premarket declines to rise 7.8%.“There more good news than bad news on the banking front,” said Art Hogan, chief market strategist at B Riley Wealth. following a downgrade by S&P Global and a report of more fundraising that fanned worries about the bank’s liquidity despite a $30-billion rescue last week. Shares of the bank were halted due to volatility.
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