US stocks ended higher as technology-related shares extended their recent strong run while regional bank shares fell after the Biden administration proposed stronger measures to help reduce risk
"Tech is probably the furthest sector removed from financials," so there has been a rotation away from financials, said Jack Ablin, chief investment officer at Cresset Capital in Chicago.
The banking turmoil, which started earlier this month with the collapse of two regional U.S. lenders, had sparked concerns about a broader financial crisis. With one day to go in the first quarter, the technology sector was up about 20% for the period, leading sector gains along with communication services , which is up about 18%. Nasdaq is on track for its biggest percentage quarterly gain since the end of 2020.
Investors also awaited the February reading of personal consumption expenditures price index due Friday after January figures showed a sharp acceleration in consumer spending. kept the door open on Thursday to more rate rises aimed at lowering inflation, with two noting banking sector problems could generate enough headwinds on the economy.Trader works on the floor of the New York Stock Exchange in New York City, U.S., March 30, 2023. REUTERS/Brendan McDermid
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