NEW YORK, March 31 ― US stocks rose yesterday as technology-related shares extended their recent strong run, while regional US bank shares fell as the Biden administration proposed stronger measures to help reduce risk.
The KBW regional bank index ended down 2 per cent, and the S&P 500 financial index fell 0.3 per cent, the only S&P 500 sector in negative territory on the day. With one day to go in the first quarter, the technology sector was up about 20 per cent for the period, leading sector gains along with communication services, which is up about 18 per cent. Nasdaq is on track for its biggest percentage quarterly gain since the end of 2020.
The Dow Jones Industrial Average rose 141.43 points, or 0.43 per cent, to 32,859.03, the S&P 500 gained 23.02 points, or 0.57 per cent, to 4,050.83 and the Nasdaq Composite added 87.24 points, or 0.73 per cent, to 12,013.47. Separately, fourth-quarter GDP growth was slightly lower at 2.6 per cent compared with earlier estimates of 2.7 per cent, both supporting the case for a softer Fed policy.
Faraday Future Intelligent Electric Inc rose after the company said it had started production of its first luxury electric car after a months-long delay, but the stock ended the day down slightly.