Home/ Markets / Stock Markets/  US stocks end higher after Janet Yellen’s reassurance on bank deposits

US stocks ended higher after a volatile day of trading on Thursday after US treasury secretary Janet Yellen reassured that steps will be taken to keep deposits safe at banks.

“As I have said, we have used important tools to act quickly to prevent contagion. And they are tools we could use again," Yellen told the US House of Representatives Appropriations subcommittee.

“The strong actions we have taken ensure that Americans’ deposits are safe. Certainly, we would be prepared to take additional actions if warranted," she added.

The S&P 500 rose 0.28% at 3,948.09. The Dow Jones Industrial Average surged 0.21% at 32,096.19. The Nasdaq Composite gained 1.00% at 11,786.81.

Yellen also said the US took action on Silicon Valley Bank and Signature Bank due to risk of runs that would undermine the secuirty of depositors, compromise US banking system. 

US treasury yields sank sharply on hopes of a rate cut by the Fed later this year. The two-year yield fell to 3.8267% compared with Wednesday's close of 3.981%. The yield on benchmark 10-year treasury notes also fell to 3.4173% compared with 3.5% the previous day. 

US Dollar

The US dollar fell for sixth day in a row on Thursday as central banks in Europe followed the Federal Reserve in raising interest rates.

The US Federal Reserve hiked its interest rates by 25 basis points (bps) on Wednesday.

European Shares

European shares fell on Thursday, led by banks after central banks of UK, Switzerland and Norway increased rates to curb inflation. 

The pan-European STOXX 600 index slipped 0.21%. European banking index slumped 2.4%.

The Swiss National Bank on Thursday hiked key rate by 50 basis points, while the Bank of England raised its rate by 25 bps. Norway's central bank also raised its rate by a quarter point.

Britain’s FTSE 100 dropped 0.9% at 7,499.60. 

Germany’s DAX was Flat. France’s CAC 40 gained 0.1% at 7,139.25.

Asian Stocks

Asian stocks climbed on Thursday with MSCI's broadest index of Asia-Pacific shares, outside Japan, surging 1% to touch a two-week high of 515.62.

China's blue-chip CSI 300 Index rose 0.6% and the Shanghai Composite index gained 0.8%. Hong Kong's Hang Seng index jumped 1.5%. South Korea’s benchmark Kospi closed up 0.31%. India’s 30-share BSE Sensex fell 0.50% to settle at 57,925.28.

Japan's Nikkei fell 0.22%. Australia's S&P/ASX 200 index lost 0.61%.


Gold prices advanced on Thursday as treasury yields fell after the US Fed signaled  rate-hike pause. Gold rose 1.18% to $1,992.77 an ounce.

Crude Oil

Brent slipped 1% to $75.91 a barrel.


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Updated: 24 Mar 2023, 02:20 AM IST
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