(News Bulletin 247) – The New York Stock Exchange on Friday retroceded part of its gains the day before, at the end of a week of great volatility triggered by the difficulties of several banks on both sides of the Atlantic.

At the end of the session, the Dow Jones fell 1.2% to 31,862 points on Friday and the S&P500 lost 1.1% to almost 3,917 points, while the Nasdaq Composite fell more than 0.7% to 11,631. points.

The market continued to suffer from the announcement – the previous weekend – of the bankruptcy of Silicon Valley Bank: despite the numerous initiatives taken by the Federal Reserve to limit any risk of contagion, not all uncertainties have been lifted.

The action First Republic Bank and tumbled 32.8%, although this Californian bank had announced the previous evening that it would benefit from 30 billion dollars of uninsured deposits from 11 major banks.

Anxiety about the financial sector was also fueled by the setbacks of Credit Suisse, whose action fell 8% in Zurich, despite efforts by the Swiss authorities to try to restore calm.

In their wake, First Republic Bank and Credit Suisse dragged down securities from other major financial institutions, such as JPMorgan Chase (-3.8%), Goldman Sachs (-3.7%), Morgan Stanley (-3.2 %) or even Citigroup (-3%).

FedEx, on the other hand, climbed nearly 8% after the logistics company announced better-than-expected quarterly results and an increase in its forecast for the year, due to the success of its cost-cutting program.

Volatility should remain high for a few days, knowing that the Federal Reserve will convene its monetary policy committee from next Tuesday, the conclusions of which are eagerly awaited by the markets.

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