© Reuters.
By Liz Moyer
Investing.com — US stocks are rising as investors turn their attention to the Federal Reserve’s interest rate decision due Wednesday afternoon.
At 9:48 ET (1348 GMT), it was up 286 points, or 0.9%, while it was up 1% and up 0.9%.
Investor jitters over the state of the banking system eased after the weekend bailout of swiss credit (SIX:).
Futures traders give you more than an 80% chance that the Fed will rise by a quarter of a percentage point. That’s less than expected just two weeks ago, but more of a pause as the Fed continues on its taming path.
Treasury Secretary Janet Yellen is expected to speak before the American Bankers Association this morning in Washington. Excerpts from her comments prepared by her say that financial regulators are committed to taking steps to keep deposits and the system safe, as they did with Signature Bank and Silicon Valley Bank.
Regulators could take further action if other smaller institutions see runs on deposits that threaten contagion in the system, Yellen says. “The situation is stabilizing. And the US banking system remains strong,” read the prepared comments.
Bank of the First Republic (NYSE:) Shares rose 24% after falling Monday on news that big banks are working on a possible capital injection. Actions of PacWest Bancorp (NASDAQ:) is up 11% and shares of Western Alliance Bancorporation (NYSE:) are up 11.5%.
In economic data, the February reading will be released this morning.
Oil was going up. they rose 2.2% to $69.30 a barrel, while they rose 1.8% to $75.16 a barrel. they were down 1.2% at $1,958.
