Dow closes more than 300 points higher, snaps 5-day losing streak as bank shares rebound
(CNBC) -- U.S. stocks rose Tuesday as investors bet the risk of contagion to banks following the closures of Silicon Valley Bank and Signature Bank has been contained. The Dow Jones Industrial Average ended up 329.28 points, or 1%, at 32,153.89, snapping a five-day losing streak. The S&P 500 added 64.54 points, or 1.67%, to…
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(CNBC) -- U.S. stocks rose Tuesday as investors bet the risk of contagion to banks following the closures of Silicon Valley Bank and Signature Bank has been contained.
The Dow Jones Industrial Average ended up 329.28 points, or 1%, at 32,153.89, snapping a five-day losing streak. The S&P 500 added 64.54 points, or 1.67%, to close at 3,920.30. The Nasdaq Composite climbed 239.31 points, or 2.1%, to end at 11,428.15.
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Investors’ enthusiasm for buying bank stocks lost some steam in the afternoon. But many still notched gains, marking a turn from two sessions of deep selloffs as investors became increasingly confident that those names wouldn’t suffer the same fate as Silicon Valley and Signature. Regulators said Sunday that they created a plan to backstop all depositors in the two banks.
The post Dow closes more than 300 points higher, snaps 5-day losing streak as bank shares rebound appeared first on WND.