S&P Rises to 3-Week High

The S&P 500 rose Thursday, as investors bet the worst of the regional bank crisis has passed.

The Dow Jones Industrials strengthened 141.43 points to 32,859.03.

The S&P 500 stayed in the green 23.02 points, to 4,050.83.

The NASDAQ triumphed 87.24 points to 12,013.47.

Chip stocks such as AMD were among the market’s best performers.

Also in tech, shares of Amazon and Apple were higher.

For the month, the NASDAQ Composite is up more than 4% while the S&P 500 has gained nearly 2% as investors shook off the collapse of Silicon Valley Bank and yet another rate increase from the Federal Reserve. Both the S&P 500 and Dow were on pace to close higher for nine of the last 13 trading sessions each, while the NASDAQ is on track to notch 10 winning sessions out of the last 14.

Weekly jobless claims increased by 7,000 to 198,000, adding to hopes that the Fed could slow down its tightening campaign because the labour market is cooling. Elsewhere, Boston Federal Reserve President Susan Collins, Richmond Fed President Thomas Barkin and Minneapolis Fed President Neel Kashkari are all slated to speak in the afternoon.

Prices for the 10-year Treasury were a titch higher, lowering yields to 3.55% from Wednesday 3.57%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.34 to $74.31 U.S. a barrel.

Gold prices improved $14.00 to $1,998.50 U.S. an ounce.