(News Bulletin 247) – The New York Stock Exchange ended in the green on Friday, taking the opposite view of European markets weighed down by renewed anxiety for the banking sector. The Dow Jones gained 0.4% to 32,238 points and the Nasdaq Composite, 0.3% to 11,824 points.
US markets proved resilient to Deutsche Bank’s unexpected rout (-8.5% in Frankfurt) as the stock suffered massive sell-offs, while the cost to hedge against a risk of default by the institution German jumped.
Fears about Deutsche Bank moderately affected the securities of American banks, with for example declines of 2.2% for Morgan Stanley, 1.5% for JP Morgan Chase, 0.8% for Citigroup or 0 .7% for Goldman Sachs.
In terms of values, we note the performance of Netflix (+2.5%), on favorable remarks from Bank of America, which posted a buy recommendation on the title of the streaming platform, accompanied by a target price of 410 dollars.
The morale of American operators was able to benefit from rather encouraging macroeconomic data in the United States: orders for durable goods fell by 1% in February, but remained more or less stable excluding transport equipment.
Above all, the American private sector saw its growth accelerate markedly in March, according to S&P Global, whose composite PMI index stood at 53.3 in flash estimate, a 10-month high, after falling to be raised to 50.1 the previous month.
‘Production experienced solid growth as demand conditions improved and new orders returned to growth’, explained S&P Global, which however also pointed to an acceleration in selling price inflation.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
