After a choppy day of trading on Thursday, US stocks ended higher as US Treasury Secretary Janet Yellen gave investors assurances that efforts will be done to safeguard bank accounts. At 3,948.09, the S&P 500 increased by 0.28%. At 32,096.19, the Dow Jones Industrial Average rose 0.21%. At 11,786.81, the Nasdaq Composite increased by 1.00%. On expectations that the Fed will lower rates later this year, US Treasury yields plunged substantially.
US Dollar
On Thursday, the US dollar declined for the sixth straight day as central banks in Europe increased interest rates in tandem with the Federal Reserve.
On Wednesday, the US Federal Reserve raised interest rates by 25 basis points (bps).
European Shares
European shares fell on Thursday, led by banks after central banks of UK, Switzerland and Norway increased rates to curb inflation.
The pan-European STOXX 600 index slipped 0.21%. European banking index slumped 2.4%.
The Swiss National Bank on Thursday hiked key rate by 50 basis points, while the Bank of England raised its rate by 25 bps. Norway’s central bank also raised its rate by a quarter point.
Britain’s FTSE 100 dropped 0.9% at 7,499.60.
Germany’s DAX was Flat. France’s CAC 40 gained 0.1% at 7,139.25.
Asian Stocks
Asian stocks climbed on Thursday with MSCI’s broadest index of Asia-Pacific shares, outside Japan, surging 1% to touch a two-week high of 515.62.
China’s blue-chip CSI 300 Index rose 0.6% and the Shanghai Composite index gained 0.8%. Hong Kong’s Hang Seng index jumped 1.5%. South Korea’s benchmark Kospi closed up 0.31%. India’s 30-share BSE Sensex fell 0.50% to settle at 57,925.28.
Japan’s Nikkei fell 0.22%. Australia’s S&P/ASX 200 index lost 0.61%.
Bullion
Gold prices advanced on Thursday as treasury yields fell after the US Fed signaled rate-hike pause.
Spot gold rose 1.2% to $1,993.09 per ounce by 2:59 pm ET (1859 GMT). US gold futures jumped 2.4% to settle at $1,995.90.