The US indices recorded collective gains when they closed the trading session yesterday, Thursday the 17th of March, driven by the rise in risk appetite in the markets after the fears of the banking crisis receded, with the S&P 500 index recording its largest rise since January.
The markets received support after First Republic Bank obtained $30 billion in deposits from 11 major banks to support the troubled bank, as the bank’s share rose by about 10%, which supported the banking sector.
In terms of economic data, weekly unemployment claims declined by 20,000 to 192 in the last week ending March 11, while expectations were for a decline to 205,000.
On the other hand, the Philadelphia Manufacturing Index continued in the negative territory in the preliminary reading for March, but rose by one point to -23.2, the seventh negative reading in a row, compared to 24.3 in February, as the New Orders Index fell to its lowest level since May 2020.
The Dow Jones Industrial Average (Dow) closed up by about (371 points) when closing at 32.246 levels, with gains of about 1.17%, while the S&P (S&P500) index recorded (increases by about 1.76% when closing at levels of 3.960, while the Nasdaq index recorded gains of 2.48). % when closing at 11.717 levels.
27/12/2024
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