NEW YORK, New York – Wall Street continued its advance on Tuesday as investors continued to weigh up the health of the U.S. banking system and the direction the Federal Reserve will take on interest rates this week.
“It’s a bit of a rebound from the sell-off associated with issues surrounding the regional banks,” Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut told Reuters Tuesday. “So much effort has been put into ending the confidence crisis, by the FDIC, the Treasury and the Fed, there’s a renewed interest in the stock market.”
“The Fed is in a no-win situation,” Pavlik said. “The Fed is doing their job by raising rates to battle inflation and they need to continue to do that, but if they do, it creates more of a problem with banks that are teetering.”
The tech-heavy Nasdaq Composite led the way, charging ahead 184.57 points or 1.58 percent to 11,860.11.
The Dow Jones industrials advanced 316.02 points or 0.98 percent to 32,560.60.
The Standard and Poor’s 500 jumped 51.30 points or 1.30 percent to 4,002.87.
On Tuesday, the foreign exchange market saw some interesting movements in the major currency pairs. The euro last traded at 1.0769, up 0.49 percent from the previous trading session.
The Japanese yen went in the opposite direction, falling 0.91 percent or 1.197 points to 132.46.
The Canadian dollar edged down o.35 percent to 1.3712.
However, the British pound gained solidly to 1.22175, up 0.49 percent from the previous session. Meanwhile, the Swiss franc traded sideways at 0.9224.
In addition, the Australian dollar/US dollar pair traded at 0.6668, down 0.70 percent, while the New Zealand dollar also saw a decline, trading at 0.6187, down 0.93 percent.
Global stock markets closed mostly higher on Tuesday, with major indexes in Europe and Asia posting gains. However, the Nikkei 225 in Japan and the S&P/NZX 50 in New Zealand both ended lower. Here are the closing numbers:
- In London, the FTSE 100 rose by 1.79 percent, or 132.37 points, to close at 7,536.22.
- In Frankfurt, the DAX PERFORMANCE-INDEX gained 1.75 percent, or 261.96 points, to end at 15,195.34.
- In Paris, the CAC 40 added 1.42 percent, or 99.77 points, to finish at 7,112.91.
- In Tokyo, the Nikkei 225 dropped 1.42 percent, or 388.12 points, to close at 26,945.67.
- In Hong Kong, the HANG SENG INDEX climbed 1.36 percent, or 258.05 points, to end at 19,258.76.
- In Shanghai, the SSE Composite Index rose 0.64 percent, or 20.74 points, to close at 3,255.65.
- In Shenzhen, the Shenzhen Index gained 1.60 percent, or 180.11 points, to end at 11,427.25.
- In Brussels, the BEL 20 added 1.49 percent, or 54.25 points, to finish at 3,685.24.
- In Moscow, the MOEX Russia Index dropped 0.19 percent, or 4.14 points, to close at 2,222.51.
- In Singapore, the STI Index rose 1.09 percent, or 34.17 points, to end at 3,173.
- The Australian All Ordinaries gained 57.10 points or 0.81 percent to close Tuesday at 7,142.20.
- In Indonesia, the IDX Composite surged 79.12 points or 1.20 percent to 6,691.61.
- The Kospi Composite in Seoul, South Korea edged up 9.15 points or 0.38 percent to 2,388.35.
- New Zealand’s S&P/NZX 50 conversely retreated 33.45 points or 0.29 percent to 11,531.30.