U.S. stocks extend gains to end of quarter

A bank run can seemingly appear out of nowhere, but at the same time, it can evaporate just as quickly.

Shorts were launched at Metropolitan Bank yesterday with some success, but shares rebounded 23% today and regional bank KRE’s ETF is up 0.2%.

Undoubtedly, banks are hurt after the latest rout and there is a high likelihood of lucrative new regulation on the sector, but for the market as a whole, that’s yesterday’s story. There will be repercussions due to the lending crunch, but this has been mitigated (or more so) by less hawkish central banks.

So what’s a trader to do? The answer seems to be: buy non-bank stocks because the economy is proving remarkably resilient. The S&P 500 is up 37 points, or 0.9% with the Nasdaq up 1.2%. The S&P 500 crossing the March high is the latest signal that this episode is over.

Now is the seasonally strong April period.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button