Markets Recover Losses to Finish Higher

U.S. equities moved between gains and losses throughout the session on March 24, 2023, before ending higher. Markets initially tumbled as Deutsche Bank (DB) investors rushed to buy credit default swaps (CDS) to protect themselves in case the biggest German bank defaulted. That added to the turmoil surrounding the banking sector ever since the collapse of Silicon Valley Bank and Signature Bank. Concerns eventually eased, and the Dow, S&P 500, and Nasdaq rallied from their morning declines. For the week, all three advanced more than 1%.

Shares of Deutsche Bank fell 3%, and shares of big U.S. banks, including Morgan Stanley (MS), Wells Fargo (WFC), and JPMorgan Chase (JPM), were also lower. First Republic Bank (FRC) continued to struggle, with shares declining 1.5%. 

However, shares of other regional banks that have been under pressure lately, such as KeyCorp (KEY), Zions Bancorp (ZION), M&T Bank (MTB), and Lincoln National Corporation (LNC), advanced. Citizens Financial Group (CFG) shares rose on a report it was looking to buy the private banking business of Silicon Valley Bank.

Consumer Staples Stocks Up

Activision Blizzard (ATVI) shares jumped as regulators in the U.K. said Microsoft's (MSFT) proposed $69 billion purchase of the company won't lessen competition in the console gaming market. Microsoft shares rose as well. Consumer staples stocks climbed, with shares of Procter & Gamble (PG), Coca-Cola (KO), and Kroger (KR) up. Amgen (AMGN) was the best-performing stock in the Dow, with shares adding 2%. 

Oil and gold futures were down. The yield on the 10-year Treasury note declined. The U.S. dollar gained on the euro and pound but stumbled versus the yen. Major cryptocurrencies traded lower.