Closing Bell Overtime: Virgin Orbit Falls; Averages End Quarter Higher With Strong Finish 3/31/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 31 March 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks surged in the final hour of trading, sending all averages higher for the quarter. Jefferies’ David Zervos and Richard Bernstein Advisors’ Rich Bernstein talk how to position heading into Q2. Plus, Evercore Head of Technical Analysis Rich Ross lays out the technical case for more upside ahead in tech stocks. We also get top picks in industrials from RBC Capital Market’s Deane Dray and in space stocks from BofA Securities’ Ron Epstein while Apollo Global’s Torsten Slok on weigh investors shouldn’t think the banking crisis is completely behind us. Our Kristina Partsinevelos digs into Micron’s wild week.

Transcript

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0:00.0	Gaines for the day for the week the month and yes the quarter across the major averages as
0:06.8	Q1 comes to a close that is the scorecard on Wall Street as we wrap up this first
0:11.5	quarter but the action is just getting started
0:13.3	welcome to closing bell overtime I'm Morgan Brennan John Fort is off today
0:17.3	coming up this hour the latest report on bank balance sheets from the Fed
0:21.7	something we've been watching closely since the
0:24.0	turmoil broke out this month.
0:26.3	We'll bring out those headlines as soon as they cross.
0:28.9	Plus, Apollo Chief Economist Torston Sloc joins us with his first read on today's
0:34.2	inflation data and his view on the broader economy as we do head into Q2.
0:38.8	Let's get straight to the market and the final scorecard for the quarter though.
0:43.2	The Nasdaq was the big winner up more than 16%.
0:45.9	It is the best quarterly gain since 2020.
0:48.9	The S&P 500 finishing up 7%.
0:51.3	The Dow, even managing to squeak out again.
0:54.4	Joining us now is David Zervos from Jeffries
0:56.9	and Richard Bernstein from Richard Bernstein advisors.
0:59.7	Good afternoon to you both.
1:01.1	Richard, I'll start with you. What banking crisis just
1:05.4	looking at the major averages and the fact that we dipped a little bit and then
1:09.2	came right back to start the year so strong your thoughts so
1:14.1	morgon uh... good afternoon i think you know you kind of actually he answered what i was
	...

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