The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    N. Korea holds politburo meeting to discuss Kim-Putin summit: KCNA

  • 3

    30 people purchased 8,000 homes: data

  • 5

    BLACKPINK's contract renewal still in limbo

  • 7

    Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors

  • 9

    National Assembly passes motion to arrest DPK chief

  • 11

    Gender equality minister nominee in hot seat over remarks on abortion

  • 13

    US striving to stop NK's potential weapons support to Russia 'wherever we can': Blinken

  • 15

    Top court upholds life sentence for woman over drowning husband for insurance money

  • 17

    COVID-19 deaths hit record high in Korea for 2022

  • 19

    KG Mobility seeks breakthrough in Europe

  • 2

    Scientists find green way to turn CO2 into fuel with sunlight

  • 4

    BTS defies K-pop's 'seven-year curse'

  • 6

    BTS member Suga begins mandatory military service

  • 8

    Rights experts from 17 countries demand release of North Korean escapees in China

  • 10

    Seoul invites ambassadors to introduce new halal foods in Korea

  • 12

    Yoon says arms deal between N. Korea, Russia would be 'direct provocation' against S. Korea

  • 14

    S. Korea condemns Russia, seeks to mend ties with China

  • 16

    Honey-dipped cookie to represent 'K-desserts' at global food expo in Germany

  • 18

    Aespa's VR concert to hit theaters Oct. 25

  • 20

    Opposition party in turmoil as leader could be arrested on Tuesday

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
World
  • SCMP
  • Asia
Sat, September 23, 2023 | 21:00
Stocks mostly hold steady as Wall Street regains stability
Posted : 2023-03-29 08:03
Updated : 2023-03-29 08:03
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Traders work on the floor of the New York Stock Exchange on March 28 in New York City. AFP-Yonhap
Traders work on the floor of the New York Stock Exchange on March 28 in New York City. AFP-Yonhap

Stocks were mixed Tuesday as Wall Street regains some stability at the tail end of what's been a turmoil-filled month.

The SP 500 dipped 6.26 points, or 0.2 percent, to 3,971.27, though the majority of stocks within the index rose. The Dow Jones Industrial Average slipped 37.83, or 0.1 percent, to 3,394.25, and the Nasdaq composite fell 52.76, or 0.4 percent, to 11,716.08.

There was relative calm even in the bond market, which has been home to some of Wall Street's wildest moves since fears flared about the banking system earlier this month. Yields were rising only modestly following their historic-sized moves in prior weeks.

This month has been dominated by worries that banks around the world may be cracking under the pressure of much higher interest rates. But some calm has returned to the market recently after regulators made big moves to protect the system.

That has much of Wall Street's attention back on interest rates and what central banks will do next with them. The Federal Reserve and other central banks have a tough decision: Inflation is still high, which would typically call for even higher interest rates. But the weakness for banks has shown some fragility in the system that higher rates could worsen.

"I think the global central banks have put us in that middling zone, where we're waiting for clarity on: Are they done?" said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

After the Fed hiked its key overnight rate all the way to a range of 4.75 percent to 5 percent, up from virtually zero early last year, the market could find some relief if the Fed does take a pause after hiking one more time as it's hinted, Haworth said.

"That's a dramatic change" in rates over just a year, he said. "Just getting to some form of stability provides some clarity for planning to begin."

Traders built bets Tuesday to say the Fed will raise rates at its next meeting in May, though the slight majority is still calling for it to hold rates steady.

Higher rates try to slow inflation by hitting the entire economy with a blunt hammer. They also drag on prices for stocks along the way, particularly technology and other high-growth stocks.

Apple, Microsoft and other Big Tech stocks were among the heaviest weights on the SP 500 Tuesday after dipping modestly.

On the winning side was McCormick, which jumped 9.6 percent after the spices and seasonings company reported stronger profit and revenue for its latest quarter than analysts expected.

Traders work on the floor of the New York Stock Exchange on March 28 in New York City. AFP-Yonhap
McCormick spices are displayed on a shelf at a supermarket on March 28, in San Anselmo, California. Spice Maker McCormick reported better-than-expected first quarter earnings with revenues of $1.57 billion compared to $1.52 billion one year ago. AFP-Yonhap

Other stocks were mixed, including financial stocks that have had a turbulent month. Most of those in the SP 500 rose, but some banks that investors have highlighted as most at risk fell after erasing gains from the morning.

First Republic fell 2.3 percent, while PacWest Bancorp. was down 5 percent.

The harshest focus has been on smaller and midsized banks in the hunt for who could be next to suffer an exodus of customer akin to the run that toppled Silicon Valley Bank.

One of the broader worries has been that all the furor for banks could lead to a pullback in lending to businesses across the country. That in turn could lead to less economic growth and a higher risk of a recession.

Jan Hatzius, chief economist and head of global investment research at Goldman Sachs, recently raised his probability of a recession over the next year to 35 percent from 25 percent. But in a report, he called the banking industry's struggles "a headwind, not a hurricane" for the economy.

Reports on the economy have been coming in mixed. The job market remains remarkably solid, while smaller corners of the economy have been showing more weakness.

On Tuesday, one report showed that confidence among consumers is strengthening, contrary to economists' expectations for a moderation. Another report suggested U.S. home prices softened in January from December, but not by quite as much as economists expected.

Traders are still largely betting the Fed will have to cut rates as soon as this summer to prop up the economy. Such bets have returned in force since the banking industry's woes began. They also materialized almost as quickly as a prior round of bets for rate cuts had earlier disappeared following data suggesting stickier-than-expected inflation.

Such drastic shifts in expectations for the Fed have led to huge swings in the bond market. On Tuesday, yields were rising by only a bit.

The yield on the 10-year Treasury, which helps set rates for mortgages and other important loans, rose to 3.55 percent from 3.54 percent late Monday.

The two-year yield, which moves more on expectations for the Fed, rose to 4.05 percent from 4.01 percent late Monday. It was above 5 percent earlier this month and at its highest level since 2007. (AP)





 
miguel
Top 10 Stories
1Scientists find green way to turn CO2 into fuel with sunlight Scientists find green way to turn CO2 into fuel with sunlight
2Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors
3Opposition party in turmoil as leader could be arrested on Tuesday Opposition party in turmoil as leader could be arrested on Tuesday
4Korea boosts subsidies to rev up falling EV sales Korea boosts subsidies to rev up falling EV sales
5Russia lodges protest to S.Korean envoy over Yoon's UN speech Russia lodges protest to S.Korean envoy over Yoon's UN speech
6Foreign employees rewarded for contribution to Korea's shipbuilding industry Foreign employees rewarded for contribution to Korea's shipbuilding industry
7Lawmakers want to grill business tycoons over decision to rejoin FKI Lawmakers want to grill business tycoons over decision to rejoin FKI
8Gov't reviews changing description of Fukushima wastewater Gov't reviews changing description of Fukushima wastewater
9'Songpyeon' for low-income families 'Songpyeon' for low-income families
10Big insurers up for sale, but financial conglomerates appear disinterested Big insurers up for sale, but financial conglomerates appear disinterested
Top 5 Entertainment News
1BLACKPINK's contract renewal still in limbo BLACKPINK's contract renewal still in limbo
2[INTERVIEW] Virtual K-pop group MAVE: is more than just pretty pixels INTERVIEWVirtual K-pop group MAVE: is more than just pretty pixels
3Hebrew University students travel to Korea to explore musical landscape Hebrew University students travel to Korea to explore musical landscape
4[INTERVIEW] Seoul's increased art market momentum brings Sotheby's back to Korea INTERVIEWSeoul's increased art market momentum brings Sotheby's back to Korea
5[INTERVIEW] 'Cobweb' director questions meaning of cinema INTERVIEW'Cobweb' director questions meaning of cinema
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group