Wall Street opens higher, the thinning is confirmed

(New York) The New York Stock Exchange opened higher on Thursday, increasingly inspired by the stabilization of the banking sector and bond rates, but without euphoria, as uncertainty remains.




Around 9:45 am, the Dow Jones gained 0.45%, the NASDAQ index gained 0.67% and the broader S&P 500 index appreciated by 0.60%.

On Wednesday, the S&P 500 recorded its fifth rising session in six trading days.

“The good arrangements posted yesterday are intact this morning,” noted Patrick O’Hare of Briefing.com in a note. “The banking sector fears are easing further, which provides support for the entire market. »

Wall Street “is suggesting we’re going to get through this,” said Quincy Krosby of LPL Financial. “It may not be fantastic, but it won’t be the disaster some predicted either. »

According to the analyst, the new weakening of the dollar also contributed to the shape of the indices, whether on the New York market or on foreign markets.

The VIX index, which measures market volatility, fell a little further, to its lowest level in three weeks.

On the bond market, rates continue to firm up slowly, an illustration of a decline in investors, who are more attracted to equities and commodities.

The yield on 10-year US government bonds was 3.57%, down from 3.56% the day before closing.

After three weeks of staring at banks and bond rates, Wall Street is once again scrutinizing macroeconomic indicators and awaiting the publication of the PCE price index for February on Friday.

On Thursday, new weekly jobless claims rose to 198,000, slightly above expectations, but still below the symbolic threshold of 200,000.

For Patrick O’Hare, this “suggests that the labor market has not been shaken” so far by the banking crisis and the likely tightening of access to credit.

Barometer of Wall Street’s confidence, regional banks continued to rise, like First Republic (+1.89%), whose share price remains nearly 90% below its level before the banking crisis. .

Californian PacWest (+0.91%), as well as Western Alliance (+4.39%), based in Phoenix (Arizona), also did well.

Already well oriented on Wednesday after Micron’s positive communication on improving market conditions, semiconductor manufacturers remained on the rise, from AMD (+3.22%) to Intel (+1.54%), in through Qualcomm (+1.65%).

Manchester United was up (+3.19%) after posting a quarterly net profit, compared to a net loss for the same period of 2021, largely due to technical effects, with turnover falling nearly 10%. % over one year.

Asset manager Charles Schwab fell (-2.64%) after a lowering of the recommendation by analysts at Morgan Stanley, who are worried about the results of the group, subject to significant withdrawals.


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