Fed Chairman Jerome Powell said on Monday that the US central bank could move “more aggressively” to raise rates and fight inflation.possibly by more than 25 basis points at one time.
Financial papers had a good day, as benchmark 10-year Treasury yield rose to 2.36%with the S&P 500 banking index advancing strongly.
The Federal Reserve raised interest rates this month and central bank officials appear to be taking a more aggressive stance to rein in inflation.
According to traders, while higher borrowing costs are negative for consumers and many businesses, they help boost earnings prospects for banks.
Apple Inc, Microsoft Corp, Amazon.com Inc, Meta Platforms Inc and Alphabet Inc were among the companies that gave the biggest boosts to the S&P 500 and the Nasdaq.
The S&P 500 tech index rose on the day but is still down around 10% in the quarter.which places it among the steepest declines of the main sectors.
For its part, Nike stock also rose after beating expectations for quarterly earnings and revenue and after it said manufacturing problems that hit sales in the past six months were behind it.
Tesla Inc jumped as the electric car maker delivered its first German-made vehicles to customers at its gigafactory in Gruenheide.
Source: Ambito
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