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Wednesday, March 29, 2023

Wall Street cuts with volatility and is heading to close the week higher

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He US 10-year Treasury yield falls on Friday after hitting a four-month high in the previous session, but was holding for above 4%.

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“What is driving optimism despite the new data we received in contrast to January is that investors remain open to a 25 basis point hike at the next Fed meeting“, said Guido Petrelli, Executive Chairman of Merlin Investor.

Market volatility will continue in March until we have consistent data in terms of a slowdown in the economy, but without raising recession concerns,” he added.

Offering a respite to stock markets on Thursday, Atlanta Fed President Raphael Bosticsaid the impact of the rate hike on the economy might not start to “bite” in earnest until this spring (boreal), an argument for the Fed to continue with “constant” quarter-point hikes.

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Hardline comments from Federal Reserve policymakers and recent economic data have led to traders to anticipate at least another three rate hikes of 25 basis points this year and to situate interest rates at 5.43% in September, compared to the current 4.66%.

He Dow Jones Industrial Average rises 134.85 points, or 0.5%, to 33,138 units, while the S&P 500 it gains 32.71 points, or 0.8%, to 4,014. He Nasdaq Composite It advances 130.13 points, or 1%, to 12,174 units.

Nine of the top 11 S&P sectors rise, with the communication services and technology indices leading the gains.

Apple gains 2.6% after Morgan Stanley said the stock could rise more than 20% this year thanks to a possible hardware subscription.

Source: Ambito

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