CNBC Daily Open: Yellen changed the mood — again
Publishing timestamp: 2023-03-23 19:42:58
Summary
US Treasury Secretary Janet Yellen stated that the federal government is prepared to take emergency actions at banks "to prevent contagion," just as it did for Silicon Valley Bank and Signature Bank. European markets closed lower, with the pan-European Stoxx 600 losing 0.2%, dragged down by the banking sector. Short seller Hindenburg Research has accused Jack Dorsey's Block of facilitating fraud and being deficient in complying with regulations, causing Block shares to plunge. The Bank of England hiked interest rates by 25 basis points to 4.25%, while the Swiss National Bank raised rates by 50 basis points to 1.5%. Bitcoin is now at $28,300.74 levels not seen since June. Yellen's comments on banking crisis showed the federal government's willingness to step in if necessary, reassuring investors and causing major indexes to make marginal gains. However, there are warnings that banking woes may not be the only set of headlines that pose risks to the economy.
Sentiment: MIXED
Tickers: SQ,
Keywords: janet yellen, united states, switzerland, united kingdom, banks, markets, interest rates, short selling, jack dorsey, world markets, bitcoin, business news, block inc,
Source: https://www.cnbc.com/2023/03/24/stock-markets-yellen-changed-the-mood-again.html