US stocks gained on Tuesday on signs of stabilizing the banking sector.
The S&P 500 gained 1.29% to end at 4,002.41. The Dow Jones Industrial Average rose 0.97% to 32,566.44. The Nasdaq Composite surged 1.55% to 11,860.04. Treasury secretary Janet Yellen on Tuesday told US bankers that she is ready to intervene to protect depositors at smaller banks if they face deposit runs. Yellen said that overall u201cthe situation is stabilizing. u201cAnd the US banking system remains sound, added Yellen.
Source: MintStocks of US banks surged. Shares of First Republic Bank soared 60% during intraday on Tuesday after a news report that JPMorgan CEO Jamie Dimon is leading talks with other lenders aimed at investing in the bank.
The Federal Reserve has introduced a new lending tool for banks in an effort to prevent a repeat of the Silicon Valley Bank collapse.Investors globally breathed a sigh of relief on Monday after UBS agreed to takeover Credit Suisse.Investors are now awaiting US Federal Reserve’s decision on interest rates on Wednesday.
European stocksEuropean stocks surged more than 1% on Tuesday with the pan-European STOXX 600 climbing 1.3%.
European bank shares led the marketu2019s rally with Europe’s banking index rising 3.8%. Credit Suisse shares jumped 7.3% and UBS gained 12.1%.Germanyu2019s DAX rose 1.8% at 15,194.77. Franceu2019s CAC 40 added 1.4% at 7,112.91. Britainu2019s FTSE 100 gained 1.8% at 7,536.22.
Source: Bloomberg TelevisionAsian shares Shares in Asia soared on Tuesday following the gains in the US and European markets on Monday.Hong Kongu2019s Hang Seng index rose 1.4% to 19,258.76. Shanghai Composite index advanced 0.6% at 3,255.65.Japanu2019s stock market was closed for a holiday.Australiau2019s S&P/ASX 200 index closed up 0.8% at 6,955.40 points, led by a 1.2% gain in financials.
Oil pricesOil prices on Tuesday rose for the second consecutive day. Benchmark US crude oil for April delivery rose $1.69 to $69.33 a barrel. Brent crude for May delivery up $1.53 to $75.32 a barrel.
BullionGold dipped 2% on Tuesday. Gold for April delivery dropped $41.70 to $1,941.10 an ounce. Silver for May delivery fell 22 cents to $22.43 an ounce.
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