Stocks Stage Relief Rally as Banking Jitters Ease: Markets Wrap
- Swaps pricing in 75% odds of quarter-point Fed hike Wednesday
- Morgan Stanley’s Wilson says bear-market end will be ‘vicious’
This article is for subscribers only.
Stocks finished higher as regulators worldwide rushed to shore up market confidence, with the recent financial turmoil spurring speculation on a slower pace of tightening from major central banks.
An earlier flight-to-safety bid waned, with all 11 groups in the S&P 500 gaining. A gauge of US lenders climbed after last week’s 15% rout. First Republic Bank plunged 47% to a record low, missing out on a rebound by its regional peers led by New York Community Bancorp. UBS Group AG rose as investors focused on the upside of its Credit Suisse Group AG takeover.