The major US indices have notched weekly gains after an up-and-down week marked by an interest rate hike and mounting worries over the banking system.
Wall St ends volatile week higher as bank fears ease
US stocks have closed higher, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.
While all three major US stock indices started the session sharply lower on the heels of a sell-off among European banks, those losses reversed by closing bell, repeating the intraday roller coaster ride of recent sessions.
At the conclusion of an up-and-down week, marked by a Fed interest rate hike and mounting worries over the health of the banking system, all three indices notched weekly gains.
“Equity markets drifted higher as concerns lingered about another banking flare up in the US or abroad,” said David Carter, managing director at JPMorgan Private Bank in New York.