Morning Report 23 Mar 22: US sharemarkets lift supported by tech and financials shares

US sharemarkets rose on Tuesday. Banks lifted 2.5% on the belief that the Federal Reserve will lift interest rates more aggressively in coming months. Shares in Wells Fargo rose 4.4%. Communication services rose 2% with information technology up 1.4%. Shares in Alibaba rose 11% after it raised its share buyback program to a record US$25 billion. Nike shares advanced 2.2% as it beat quarterly profit and revenue expectations. Shares in Tesla rose 7.9% after it sold its first German-produced vehicle. The Dow Jones index closed higher by 254 points or 0.7%. The S&P 500 index rose by 1.1% and the Nasdaq index lifted by 270 points or 2.0%.

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