Market Recap – May 17th
On Wednesday’s trading day, markets finally saw major price action in the positive direction, with all three major indices ending with substantial gains. News over the progress made in lifting the debt ceiling coupled with the rebound in several banking stocks led to positive sentiment into the state of the economy. For the broad indices, the S&P 500 rose 1.19%, the NASDAQ Composite went up 1.28%, and the Dow Jones grew by 1.24%.
One of the regional banks to see large rebounds was Western Alliance with its shares growing 10.19% as their deposit growth held strong. However, in the red was EV charging station supplier EVgo, falling 18.67% as they attempt to raise cash through an offering of $125 million Class A stock.
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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.