Almost every All 11 S&P 500 sector indices closed higherheaded by discretionary consumption, with an increase of 3%, and materials, with an increase of 2.7%.
US stocks were trading lower in the early hours of the day when it was learned that Federal Reserve Vice President Lael Brainard said she supports at least a couple more than half-percentage-point hikes in interest rates.
And that, furthermore, he sees no reason to pause in September if price pressures do not cool down.
The US stock market has been staging a modest recovery in recent sessions, with investors debating whether the worst of Wall Street’s 2022 crash may be over.
“Volatility has become the norm, not the exception. Stocks are being held hostage to inflation, and until inflation is brought under control, volatility is likely to remain high”warned Terry Sandven, chief equity strategist at US Bank Wealth Management.
The S&P 500 is down 13% from its all-time high in early January.
US private payrolls rose much less than expected in May, suggesting demand for labor is starting to slow amid rising interest rates and tightening financial conditions, the report said. National ADP Employment.
“All eyes are now on the government’s non-farm payrolls data, due out on Friday”maintained the operators.
“Investors are looking for new signs of the health of the US economy and how aggressively the Federal Reserve could continue to raise interest rates,” said analysts who expect the economy to have added 325,000 jobs last month.
The S&P 500 gained 75.59 points, or 1.85%, to 4,176.93 points, while the Nasdaq gained 321.96 points, or 2.68%, to 12,316.42. The Dow Jones Industrial Average rose 422.86 points, or 1.29%, to 33,236.09.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
