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Home News US stocks ends higher after Janet Yellen’s reassurance on bank deposits

US stocks ends higher after Janet Yellen’s reassurance on bank deposits

 

US Treasury Secretary Janet Yellen assured that steps would be taken to keep deposits in banks safe.

The S&P 500 was up 0.28% at 3,948.09. The Dow Jones Industrial Average rose 0.21% to 32,096.19. The Nasdaq Composite closed up 1.00% at 11,786.81.

US stocks

US Treasury yields fell sharply on expectations of a rate cut by the Fed later this year.

U.S. Dollar

The US dollar fell for a sixth day in a row on Thursday as Europe’s central banks followed the Federal Reserve in raising interest rates.

The US Federal Reserve on Wednesday hiked its interest rates by 25 basis points (bps).

european shares

European shares led by banks fell on Thursday after the central banks of Britain, Switzerland and Norway raised rates to curb inflation.

The pan-European STOXX 600 index slipped 0.21%. The European Banking Index slipped 2.4%.

The Swiss National Bank on Thursday hiked the key rate by 50 basis points, while the Bank of England hiked its rate by 25 bps. Norway’s central bank also raised its rate by a quarter point.

Britain’s FTSE 100 fell 0.9% to close at 7,499.60.

Germany’s DAX was flat. France’s CAC 40 rose 0.1% to close at 7,139.25.

Asian Stocks

Asian shares climbed on Thursday, with MSCI’s broadest index of Asia-Pacific shares outside Japan rising 1% to touch a two-week high of 515.62.

China’s blue-chip CSI 300 index rose 0.6% and the Shanghai Composite index rose 0.8%. Hong Kong’s Hang Seng index jumped 1.5%. South Korea’s benchmark Kospi closed with a gain of 0.31%. India’s 30-share BSE Sensex closed 0.50% down at 57,925.28.

Japan’s Nikkei fell 0.22%. Australia’s S&P/ASX 200 index lost 0.61%.

bullion

Gold prices edged higher on Thursday as Treasury yields fell after the US Fed indicated it would pause rate-hikes.

Spot gold was up 1.2% at $1,993.09 an ounce at 2:59 p.m. ET (1859 GMT). US gold futures jumped 2.4% to close at $1,995.9

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