EU stocks went higher as traders tried to build on the gains
In the morning, European stock markets advanced, continuing the positive charge from the previous three sessions due to volatility in the banking sector.
The pan-European Stoxx 600 index rose almost 1%, with all sectors in positive territory. Retail stocks led the pack, up 3.32%, as H&M shares advanced after the company posted positive signs and earnings in the first quarter.
Tech stocks advanced 1.52% as risk assets returned to positive territory, while banking stocks advanced 1.82% as the sector tried to overcome a period of recent volatility.
Shares of UBS advanced 1.92%. The stock ended the previous day’s session 3.72% higher after the bank announced that the group’s chief executive would return to his post.
Swedish retail group H&M rose 11.83% to lead the Stoxx 600.
The company reported an operating profit of 725 million Swedish kroner, up from 458 million kroner a year earlier, topping Refinitiv’s survey of a loss of 1.10 billion kroner.
Dow Jones Industrial Average climbed 138 points
Stock futures advanced as traders sought to bet on the sharp gains seen in the previous session.
Dow Jones Industrial Average futures advanced by 0.42%. The S&P 500 and Nasdaq-100 futures also rose 0.42% and 0.32% to the high mark.
The three major indexes ended the day higher, with the Nasdaq Composite leading the way with a jump of about 1.82%. The S&P 500 and Dow followed with 1.42%. This gain marks a return to positive territory after all three indexes ended the session lower.
Big Tech stocks could bolster Wednesday’s uptick. Amazon saw an increase of 3.3%, while Meta and Netflix both increased by over 2%.
Regional banks, which have been carefully monitored following the failure of Silicon Valley Bank earlier this month, closed higher at the end of the day.
The weekly moves come from the steps of Wall Street, weighing various events. The recent performance of businesses, forecasts for changes in interest rates, the risk of a recession, and the state of banks are all factors that should be taken into account.