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Wall Street ends green as inflation cools, bank jitters ebb
Wall Street U.S. stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve's policy meeting next week. Financial stocks clawed back some losses, with the S&P 500 Banks index (.SPXBK) coming back from its steepest one-day sell-off since June 2020. Even so, inflation has a considerable way to go before approaching the central bank's average annual 2% target. But signs of economic softness, combined with the regional banking scare, have increased the odds that the Federal Reserve will implement a modest, 25 basis-point hike to its key interest rate at the conclusion of its two-day policy meeting on March 22. "Part of the stabilization today is folks feeling as if the Fed might back off from some of the hawkish expectations that followed Chairman Powell's comments last week," Keator added. The Dow Jones Industrial Average (.DJI) rose 336.26 points, or 1.06%, to 32,155.4, the S&P 500 (.SPX) gained 64.8 points, or 1.68%, to 3,920.56 and the Nasdaq Composite (.IXIC) added 239.31 points, or 2.14%, to 11,428.15. Source -https://www.moneycontrol.com/news/business/markets/wall-street-ends-green-as-inflation-cools-bank-jitters-ebb-10250651.html
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