NEW YORK, New York - As concerns over the banking sector eased, U.S. stocks moved moderately higher on Thursday, but closed well off earlier highs.
"Even if the banking woes have been contained and the deposit flight is over, I don't think they'll prove to be the only set of headlines that pose risks to the economy," Liz Young, head of investment strategy at SoFi. said in a note. "What might be more likely in coming months is some sort of credit problem as companies' debt matures and they need to refinance their operations at much higher rates than before."
The tech sector did best, with the Nasdaq Composite advancing 117.44 points or 1.01 percent to 11,787.40.
The Standard and Poor's 500 added 11.75 points or 0.30 percent to 3,948.72.
The Dow Jones industrials gained 75.14 points or 0.23 percent to 32,105.25.
The foreign exchange markets traded on Thursday with mixed results. The Euro / US dollar pair closed at 1.0839, down 0.14 percent. Meanwhile, the Japanese yen surged to 130.60, a gain of 0.58 percent.
The Canadian dollar pair edged up to 1.3714, while ,the Swiss franc pair firmed 0.17 percent to 0.9158.
On the other hand, the British poundjumped 0.24 percent to 1.2291.
Lastly, the Australian dollar was little changed at 0.6684, while the New Zealand dollar fell 0.58 percent to 0.6256, ,
It remains to be seen how these results will impact the global economy and financial markets. Experts suggest that investors should remain cautious and keep a close eye on the markets as they continue to navigate these uncertain times.
On Thursday, world stock markets saw a mixed bag of results with some indices seeing modest gains while others experienced significant losses.
In the UK, the FTSE 100 saw a drop of 0.89 percent, losing 67.24 points to close at 7,499.60. Meanwhile, Germany's DAX PERFORMANCE-INDEX fell by just 0.04 percent, or 5.80 points, ending the day at 15,210.39. The CAC 40 in Paris, France saw a slight increase of 0.11 percent, adding 8.13 points to close at 7,139.25.
In Asia, Japan's Nikkei 225 index closed down 0.17 percent, losing 47.00 points to end at 27,419.61. However, Hong Kong's HANG SENG INDEX surged by 2.34 percent, gaining 458.21 points to close at 20,049.64. In China, the SSE Composite Index rose by 0.64 percent, adding 20.90 points to close at 3,286.65, with a trading volume of 547.068 million. Meanwhile, the Shenzhen Index increased by 0.94 percent, or 108.36 points, ending the day at 11,605.29, with a trading volume of 2.548 billion.
In Europe, the ESTX 50 PR.EUR saw a modest increase of 0.27 percent, adding 11.44 points to end at 4,207.14, while the Euronext 100 Index in the Eurozone increased by 0.32 percent, gaining 4.19 points to close at 1,329.53. The BEL 20 in Belgium saw a slight drop of 0.23 percent, losing 8.35 points to close at 3,657.72.
In Russia, the MOEX Russia Index fell by 0.19 percent, losing 4.14 points to close at 2,222.51, while the STI Index in Singapore decreased by 0.06 percent, losing 1.98 points to close at 3,219.00.
Australia's S&P/ASX 200 index saw a decline of 0.67 percent, losing 47.00 points to end at 6,968.60, while the Australian ALL ORDINARIES index dropped 0.72 percent, losing 52.10 points to close at 7,148.60.
India's S&P BSE SENSEX decreased by 0.50 percent, losing 289.31 points to end at 57,925.28, while Indonesia's IDX COMPOSITE index rose by 1.20 percent, gaining 79.12 points to close at 6,691.61. Malaysia's FTSE Bursa Malaysia KLCI saw a slight decline of 0.08 percent, losing 1.06 points to close at 1,410.98, and New Zealand's S&P/NZX 50 INDEX GROSS ( GROSS increased by 0.07 percent