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Dow futures rise as UBS bails out Credit Suisse

Published 03/19/2023, 06:50 PM
Updated 03/19/2023, 06:50 PM
© Reuters.

© Reuters.

By Oliver Gray 

Investing.com - U.S. stock futures were trading higher during Sunday's evening deals as investors monitored increased pressure on the financial sector following reports that embattled bank Credit Suisse (SIX:CSGN) has been bought out by UBS Group AG (SIX:UBSG) for $3 billion Swiss francs (US$4.8 billion) in a government-backed deal.

By 18:35 ET (22:35 GMT) Dow Jones futures were up 0.2%, while S&P 500 futures and Nasdaq 100 futures gained 0.2% apiece.

Ahead in the week, market participants will be closely monitoring the Fed's interest rate decision amid expectations of a 25 basis point hike. Meanwhile, new and existing home sales, building permits, durable goods orders, manufacturing and services PMIs, as well as a speech from FOMC member Bullard.

During Friday's trade, the Dow Jones Industrial Average fell 384.6 points or 1.2% to 31,862, the S&P 500 lost 43.6 points or 1.1% to 3,916.6, and the Nasdaq Composite fell 86.8 points or 0.7% to 11,630.5. For the week, the Dow added 0.1%, the S&P 500 added 2.1%, and the Nasdaq gained 5.3%.

On the bond markets, United States 10-Year rates were at 3.436%.

 

Latest comments

Is bailing out a good news?... nothing seems to be bad news nowadays....... inflation and recession are replaced by threat of greedy banks collapsing that cause financial instability but the US market liquidity seems to be strong......
Swiss finance minister has clarified UBS buying Credit Suisse is not bail out.
$108 billion in liquidity from Swiss central bank isn't a bailout? Why? Because the finance minister said so? Yeah, just like Biden said the taxpayer wouldn't pay a dime in the government covering SVB depositors.
Where the hell money come from? Grown on tree hahaa
just don't call it a rally tomorrow
Fed will now bow down. It will go for another 0.5 percent hike on 22 March
this is going to make 2008 seem like a walk in the park....
Who is going to bail out UBS?
The IMF.
who going bailout IMF ?
This week Powell will cave, more fiat money will be infused into the economy and instead of rates being higher for longer, it'll be inflation. Powell, and the Fed, will lose what little credibility he/it has. Wall St. will never listen to Powell again. He should be gone.
Maybe Trump should have appointed someone else when he was draining the swamp?
Trump at 0% rates back then???? Ha! we woulda be in heaven right now 🤦🏽🤦🏽😫😫🤣🤣🤣
Maybe Biden shouldn't have renominated him?
all drama going on...
Contagion contained. Now the FED can get back to fighting inflation with higher interest rates ( for longer).
Who would have ever guessed bail outs are a key driver of stocks ...upwards
correct.. Wall Street and government corrupt
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