Wall Street closed higher despite some wobbles shrugging off some of yesterday’s losses as markets took comfort in US Treasury Janet Yellen’s reassurances that measures will be taken to keep deposits safe and that the Fed may pause rate hikes to offset recent turmoil in financial markets. Gains in US stocks were offset by losses in Europe as Switzerland, Norway, and Britain all hiked interest rates as their battle against inflation continues. Short-dated US Treasurys were rocked, falling 15.6bps as market participants pessimistic about the economic outlook bet the Fed will need to cut rates later in the year. Dow Jones up 75 points (+0.23%). At best Dow up 481, and at worst, down 165. S&P 500 up 0.30%. NASDAQ up 1.01%. In Europe, STOXX 600 -0.21% FTSE -0.89% CAC +0.11% DAX -0.04%. SPI Futures are down 39 points (-0.56%).

All three major US stock indexes clawed back into positive territory in the final hour of trade as Yellen continued her congressional testimony stating “The strong actions we have taken ensure America’s deposits are safe. Certainly, we would be prepared to take additional actions if warranted”. Large technology stocks the biggest winners, seen by many as a shelter in times of economic uncertainties. Meta +2.24%, Google +2.16%, Microsoft +1.97%, and Apple +0.70%.

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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