Wall Street is 'Greening', Is It Right for the Market to Stop Worrying?


 The US stock market appeared to react little to global central bank efforts and news of the Credit Suisse takeover.

Nevertheless, all three major indices managed to register a modest increase to close positively in the New York session.

Earlier, 6 major global central banks including the Federal Reserve (Fed) and the European Central Bank (ECB) agreed to increase the flow of US dollars in the financial system.

On the same day, UBS agreed to buy Credit Suisse for $3.2 billion, with Switzerland reportedly ready to provide $280 billion in support to troubled banks.

This has fueled a broad recovery, seeing most market segments move higher.

Despite this, banking stocks remained under pressure, with Credit Suisse shares down 55% and First Republic Bank down more than 30%.

This shows that investors are still worried about the banking sector even though various efforts have been made by the government and the central bank.

Meanwhile, New York Community Bancorp rose 31.7% after one of its bank units agreed to buy deposits and loans from Signature bank.

The three major indexes, the Dow Jones Industrial gained 1.2% to 32,244.59, while the S&P rose 0.89% to 3,951.56 and the Nasdaq rose 0.3% to 12,562.61.

The US30 index was little changed at 32,273.50 during the Asian session.