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Morning Report 21 Mar 23: US sharemarkets rebounded on Monday

Morning Report 21 Mar 23: US sharemarkets rebounded on Monday

Released Monday, 20th March 2023
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Morning Report 21 Mar 23: US sharemarkets rebounded on Monday

Morning Report 21 Mar 23: US sharemarkets rebounded on Monday

Morning Report 21 Mar 23: US sharemarkets rebounded on Monday

Morning Report 21 Mar 23: US sharemarkets rebounded on Monday

Monday, 20th March 2023
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There was a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system, while investors also weighed the likelihood of a pause in interest rate hikes from the US Federal Reserve this week. The KBW Regional Banking index rose by 1.5%. Shares of PacWest Bancorp lifted 10.8% after the bank said deposit outflows had stabilised, while New York Community Bancorp shares jumped 31.7% after the bank's unit agreed to buy deposits and loans from Signature Bank. But shares of Californian lender First Republic Bank slid 47.1% following a credit downgrade by S&P Global. Shares of major US banks Goldman Sachs (+2%), Morgan Stanley (+1.7%) and JPMorgan Chase (+1.1%) all lifted. Oil price gains boosted shares of Chevron (+1.5%) and Exxon Mobil (+2.6%). But shares of Amazon.com slid 1.3% following the company's plans to cut another 9,000 jobs. The Dow Jones index rose by 383 points or 1.2%. The S&P 500 index gained 0.9% and the Nasdaq index added 45 points or 0.4%. 

 

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