CNBC Daily Open: Regional banks popped — but can the rally last?
Publishing timestamp: 2023-03-21 19:46:39
Summary
U.S. Treasury Secretary Janet Yellen said the government could guarantee deposits at other banks if they pose a threat to the banking system, which led to a surge in regional bank stocks during regular trading hours. However, these gains were quickly lost in after-hours trading, indicating continued fragility in the banking system. BlackRock's Chief Investment Officer of Global Fixed Income believes the financial system will remain volatile, but it's not the time to get out of markets. The Federal Reserve is expected to announce whether it will hike interest rates, with markets pricing in an 86% chance of a quarter-point increase.
Sentiment: MIXED
Tickers: PACW, KEY, UBSG-CH, FRC, CSG.N-CH,
Keywords: interest rates, banks, ubs group ag, economic events, first republic bank, keycorp, federal reserve bank, credit suisse group ag, markets, switzerland, united states, pacwest bancorp, world markets, business news, janet yellen,
Source: https://www.cnbc.com/2023/03/22/stock-markets-regional-banks-popped-but-can-the-rally-last.html