Global financial markets were rattled this month by concerns that rapid rate hikes by major central banks could cause a recession.
In fact, The benchmark S&P 500 confirmed a bear market last week as it posted a 20% drop from its January closing high.
Thus, all three major indices conclude their first week higher in a month, buoyed by mega-cap growth stocks, healthcare and utilities.
Shares of FedEx Corp jumped 7.2% on Friday after the package delivery company issued a stronger-than-expected earnings forecast for the year despite declining global demand for shipments.
Bank stocks traded higher after the Fed’s annual “stress tests” showed lenders have enough capital to weather a severe economic downturn.
Citigroup Inc shares rose 3.2% and Bank of America Corp rose 0.7%, while Morgan Stanley gained 5.2%.
Source: Ambito
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