(New York) The New York Stock Exchange opened higher on Wednesday, gaining confidence on the back of stabilization in the banking sector and bond yields, pending further macro data.

By 9:40 a.m. EST, the Dow Jones was up 0.67%, the NASDAQ index was up 1.35%, and the broader S

“ The market waited to see if other banks were going to fall and that did not happen ”, explains Adam Sarhan, of 50 Park Investments. “So we’re giving ourselves a rebound of relief. »

The manager recalls that despite the earthquake that hit the financial sector, the indices have resisted and are now moving at a level close to that of the sessions that preceded the events of March.

“If the market doesn’t go down when there is bad news, it will go up afterwards”, according to Mr. Sarhan.

The burst is encouraged by a hunt for bargains, which targets in particular regional banks, pounded by wary investors at the height of the crisis.

On Wednesday, establishments Zions (1.74%), based in Salt Lake City, Utah, Comerica (2.46%), headquartered in Dallas, Texas and KeyCorp (2.07%), originating in Cleveland (Ohio), were all wanted.

The VIX index, which measures market volatility, fell Wednesday to its lowest level since March 9, the day before US regulators took over Silicon Valley Bank (SVB).

Very shaken for three weeks, the bond market continued its normalization, which began on Monday. The yield on 10-year US government bonds was 3.59%, down from 3.56% at the close on Tuesday.

On the stock market, the sports equipment manufacturer Lululemon was off to a sprint (14.62%), pushed in the back by better than expected quarterly results and forecasts also above analysts’ expectations for the whole of its staggered financial year. (from February to January).

Semiconductor maker Micron rose (6.34%) despite a larger-than-expected quarterly loss and lower-than-market projections for the current quarter. The group from Boise (Idaho) said it was cautiously optimistic about a rebalancing between supply and demand in the coming months, after a sharp deceleration in orders since the end of 2022.

These comments also benefited its competitors Intel (2.77%) and Broadcom (0.90%).