CNBC Daily Open: Markets rallied because nothing broke yesterday
Publishing timestamp: 2023-03-30 01:59:35
Summary
U.S. stocks rallied on Wednesday as banks and big tech rebounded. The Boao Forum for Asia is ongoing, and Chinese Premier Li Qiang sought to rally Asia behind Beijing. There are signs that Beijing's regulatory crackdown on Chinese tech firms is ending. A report released by the U.S. Senate Finance Committee claimed that Credit Suisse has been helping wealthy American clients evade U.S. taxes for years. UBS' incoming CEO, Sergio Ermotti, is known for turning around troubled banks. After two tumultuous weeks, investors and analysts were encouraged by UBS' pick for CEO, and U.S. banks and big tech rebounded. Micron's report that the company's inventory problems are improving helped its shares jump and led the rally in semiconductor stocks. All major indexes gained on the back of these moves.
Sentiment: MIXED
Tickers: BABA, NFLX, MS, UBSG-CH, META, C, CSG.N-CH, WFC, AMZN,
Keywords: alibaba group holding ltd, morgan stanley, netflix inc, world markets, ubs group ag, meta platforms inc, citigroup inc, business news, amazon.com inc, regional banking, markets, united states, banks, wells fargo & co, beijing, credit suisse group ag, china, technology,
Source: https://www.cnbc.com/2023/03/30/stock-markets-markets-rallied-because-nothing-broke-yesterday.html