HomeFinancial MarketsNew York Stocks Up As U.S. Treasury Secretary Promises Banking Safety10

New York Stocks Up As U.S. Treasury Secretary Promises Banking Safety10

U.S. stocks were higher at Thursday’s close as investor confidence grew following an announcement from U.S. Treasury Secretary Janet Yellen assuring that measures will be taken to ensure that Americans’ deposits are kept safe amid the ongoing banking crisis.

Central banks across the globe have implemented interest rate hikes, thereby placing further stress on the struggling banking sector. The U.S. started to feel the bite of the banking crisis following the collapse of Silicon Valley Bank as well as Signature Bank.

Yellen’s comments helped to ease investors’ concerns, particularly after her testimony before congress in which she ruled out blanket protection for all deposits. Investor confidence was not assisted by the Federal Reserve’s 25 basis point interest rate hike.

The S&P 500 rose by 11.12 points, or 0.28%, to 3,948.09 points at Thursday’s close, while the Nasdaq Composite gained 116.85 points or 1.00%, ending the day at 11,786.81. The Dow Jones Industrial Average gained 66.08 points, or 0.21%, ending at 32,096.19 at Thursday’s close.

Delta Struggling With Flight Cancellations Following Tech Outage

Delta Air Lines has continued to struggle with flight cancellations following last week's global cyber outage. This came after a software update by global...

Dolce & Gabbana Seeking New Capital Investment

Dolce & Gabbana CEO Alfonso Dolce confirmed that the fashion house is open to seeking new investors as a means of raising capital. This...

Former Nintendo President Claims Video Game Industry Set to Grow

Former Nintendo of America president and COO Reggie Fils-Aimé insisted that the video games industry is set to grow after suffering years of decline....