U.S. stocks rally as tech, financials lead gains-Xinhua

U.S. stocks rally as tech, financials lead gains

Source: Xinhua

Editor: huaxia

2023-03-17 07:10:45

NEW YORK, March 16 (Xinhua) -- Wall Street's major averages advanced on Thursday, bolstered by solid gains in tech-related stocks and bank shares.

The Dow Jones Industrial Average rose 371.98 points, or 1.17 percent, to 32,246.55. The S&P 500 added 68.35 points, or 1.76 percent, to 3,960.28. The Nasdaq Composite Index increased 283.23 points, or 2.48 percent, to 11,717.28.

Nine of the 11 primary S&P 500 sectors ended in green, with technology and communication services up 2.82 percent and 2.77 percent, respectively, outpacing the rest. Financials climbed 1.95 percent, the third best-performing group. Consumer staples and real estate, however, suffered modest losses.

Investors eyed news regarding the U.S. banking sector.

A group of bank giants including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo agreed Thursday to provide deposits to the beleaguered lender First Republic Bank.

The move came after shares of First Republic Bank pummeled in recent days, sparked by the collapse of Silicon Valley Bank last Friday and Signature Bank over the weekend.

The rescue package helped ease market concerns over a banking crisis.

On the economic front, the U.S. Labor Department reported Thursday that the number of Americans filing for unemployment benefits decreased by 20,000 to 192,000 for the week ending March 11. Economists polled by The Wall Street Journal had forecast new claims to total 205,000.