3/20, 9:00 PM (Source: TeleTrader)
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US closes higher on hopes of bank sector stabilization

Major stock market indexes in the United States closed higher on Monday following the reports JPMorgan Chase &Co. Chief Executive Officer (CEO) Jamie Dimon has been hired to lead the effort to stabilize First Republic Bank's operation, signaling a slowdown in the banking sector crisis. Earlier, the Swiss National Bank (SNB) confirmed "substantial liquidity assistance" for UBS Group AG in its takeover of Credit Suisse Group AG.

The Dow Jones Industrial Average traded 1.20% or 380 points higher at the close as Honeywell International Inc. gained 2.84%. The Nasdaq 100 rose by 0.34%, with Enphase Energy Inc. soaring by 4.83%. The S&P 500 grew by 0.89% as NRG Energy Inc. jumped by 6.83%.

The euro went up by 0.54% against the dollar to sell for $1.07233 at 3:58 pm ET.

Baha Breaking News (BBN) / JR