Market Recap – March 20th
For once, the markets had a great day as some positive developments occurred in the banking sector. Yesterday’s newsletter regarding UBS’ acquisition of Credit Suisse helped stabilize investor confidence at a time where it is needed the most. The markets closed with the S&P 500 up 0.89%, the Dow Jones up 1.20%, and the NASDAQ up 0.39%, with tech lagging today after outpacing last week.
One of the big winners in the banking sector was New York Community Bancorp, rising by 31.65% to $8.61 after buying $38 billion in Signature Bank’s assets after the latter’s failure, which led to Wedbush upgrading the stock to “Outperform”. On the other side of the world, Pinduoduo fell by 14.17% to $78.91 after underperforming in their earnings report compared to their Chinese counterparts.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.