Major indices on the U.S. New York Stock Exchange closed higher on the 21st (local time), buoyed by a rally in bank stocks ahead of the Federal Reserve's (Fed) interest rate decision scheduled for the following day.
On that day, the Dow Jones Industrial Average rose 0.98% compared to the previous session. The S&P 500, which focuses on large-cap stocks, increased by 1.31%, while the tech-heavy Nasdaq index closed up 1.58%.
This followed UBS's decision to acquire Credit Suisse (CS), reports of additional support being considered by major U.S. banks led by JP Morgan, and further reassurances from U.S. Treasury Secretary Janet Yellen, which collectively eased concerns over banking risks. Shares of First Republic Bank, which had been engulfed in crisis rumors following the collapse of Silicon Valley Bank (SVB), surged 30%.
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