Wall Street's main indexes fell on Friday as investors fled from risky assets on growing concerns that a contagion in the banking sector had not been fully confined despite assurances from key officials.
erased its losses and gained 1.5%, having hit a fresh low since late 2020 earlier in the day.
"The fact that we're getting a little bit of a bounce in the oversold regionals makes sense because we're probably closer to the end of this mini-bank drama than we are to the beginning of it," Hogan added.Traders' bets have now shifted toward a pause in U.S. rate hikes in May, after the Federal Reserve signaled caution about its next move amid the global banking crisis, sparked by the failure of two regional banks.
Atlanta Fed President Raphael Bostic and St. Louis Fed President James Bullard said getting inflation lower was the central bank's priority despite the banking sector stress.showed business activity gained steam in March.
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