Wall Street’s main indexes opened higher on Tuesday as the rescue of Credit Suisse calmed nerves about a bigger banking crisis, while investors awaited the outcome of the Federal Reserve’s monetary policy meet. The Dow Jones Industrial Average rose 176.13 points, or 0.55 percent, at the open to 32,420.71. The S&P 500 opened higher by…
Stocks Rise on Wall Street After Bank Deal, Regulator Moves
NEW YORK—Stocks rose on Wall Street Monday after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry. The S&P 500 climbed 34.93 points, or 0.9 percent, to 3,951.57. The Dow Jones Industrial Average gained 382.60, or 1.2 percent, to 32,244.58, and the Nasdaq composite…
First Republic Shares Fall 47 Percent Following Multiple S&P Downgrades
First Republic Bank’s shares tanked again on Monday, falling 47 percent and surpassing last week’s lows. The slide follows yet another downgrade in the bank’s credit rating by Standard & Poor’s, which dropped First Republic to B+ from BB+ on Sunday after first lowering it to junk status just last week. The rating agency said…
Wall Street Opens Mixed on Bank Fears, Rate-Hike Pause Hopes
Wall Street’s main indexes opened mixed on Monday as investors weighed a state-backed takeover of Credit Suisse and the odds of the Federal Reserve keeping interest rates unchanged this week. The Dow Jones Industrial Average rose 10.35 points, or 0.03 percent, at the open to 31,872.33. The S&P 500 opened higher by 0.83 points, or…
Morgan Stanley Strategist Warns of ‘Vicious’ Bear Market Phase as Bank Turmoil Challenges Investors
March 20, 2023
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Morgan Stanley’s top investment officer has warned that investors shouldn’t see the bailout of Silicon Valley Bank’s uninsured depositors as a reason to get bullish on stocks, predicting a “vicious” final stretch to the current bear market marked by sharp price declines and few opportunities to hedge portfolios against losses. The lightning-fast collapses of Silicon…
Safe-Haven Yen Jumps as Credit Suisse Deal Sparks Further Jitters
TOKYO/LONDON—Japan’s yen rallied on Monday as investors sought out safe assets after UBS’ cut-price takeover of its beleaguered rival Credit Suisse failed to quell market nerves. Under the deal, holders of $17 billion of Credit Suisse additional tier-1 (AT1) bonds will be wiped out. That angered some of the holders of the debt who thought…
Credit Suisse Shares Crash to Record Low After Emergency Takeover
March 20, 2023
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Credit Suisse shares dove 63 percent in early trading Monday to a new low after it was announced that UBS would buy the troubled bank in a multi-billion-dollar deal backstopped by a Swiss central bank $100 billion emergency credit line. Shares of Credit Suisse clawed back some of the initial losses Monday morning and at…
Oil Hits Lowest Since 2021 on Banking Fears
March 20, 2023
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LONDON—Oil prices fell on Monday to their lowest in 15 months on concern that risks in the global banking sector and a potential increase to U.S. interest rates could spark a recession that would sap fuel demand. In volatile trading, Brent crude futures for May fell $2.07, or 2.8 percent, to $70.90 a barrel at…
Global Stocks Sink After Credit Suisse Takeover
March 20, 2023
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BEIJING—Global stock markets sank Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes. Hong Kong’s main index slid 2.7 percent. London, Frankfurt, and Paris opened down more than 1 percent. Shanghai, Tokyo,…
A Mismanaged Silicon Valley Bank Failure Has Grave Consequences
March 18, 2023
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Commentary This was undoubtedly the week that was. Silicon Valley Bank’s (SVB) failure sent the markets into the worst turmoil since the 2008 financial crisis. And, as I write this Friday morning, St. Patrick’s Day, there are “little fires everywhere” in regional banks that have unsettled markets. Most of them could have been avoided. What…
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