On Thursday, Wall Street stocks fell as markets hushed after recent banking sector turmoil. The Dow Jones Industrial grew 0.4% to 32,859.03 while the broad-based S&P 500 increased by 0.6% to 4,050.3. The tech-heavy Nasdaq Composite Index climbed 0.7% to 12,013.47.
Investors have been cautious since federal officials grabbed control of Silicon Valley Bank earlier this month, marking the downfall of one of the three midsized lenders. Since then, there have been no U.S. casualties.
This has elevated hopes that the emergency measures taken by the regulators and private lenders have deflected contagion.
This involves finalizing post-crisis improvements and considering “whether deregulation may have gone to the extremes.”
President Joe Biden also called on banking regulators to reimplement stronger rules on mid-sized banks, stating that doing so would avoid future failures like that of SVB.
Meanwhile, weekly unemployment claims numbers published on Thursday have risen somewhat, fueling hopes that the Federal Reserve could soon alleviate interest rate hikes if the labor market cools further.
