Wall Street ended the day higher this Tuesday, March 14 after the mixed close on Monday and after knowing the US inflation data. The CPI fell to 6% per year, in line with expectations and excited investors about a moderation in the pace of rates.
All three major US stock indices closed in positive territoryafter several sessions with turbulence due to the implosion of Silicon Valley Bank and Signature Bank, and concern about contagion. Financial stocks recovered part of their losses, and The S&P 500 Banks Index has rebounded from its biggest one-day drop since June 2020.
Fears of bank contagion dissipated on Tuesday, when US President Joe Biden and other global policy makers vowed that they would take the necessary steps to contain the crisis.
The Dow Jones Industrial Average rose 1%, to 32,145.80 units; while the S&P 500 gained 64.26 points, or 1.7%, to 3,920.02 units. The Nasdaq Composite rose 239.71 points, or 2.1%, to 11,428.55 units.
“The market is having a chance to digest some of the news from the last couple of days,” said Matthew Keator, managing partner at Keator Group of Massachusetts, adding: “(Investors) are seeing a coordinated effort from various government agencies, and in retrospect, they have a feeling things have slowed down a bit.”
The US Consumer Price Index (CPI) cooled in February, largely in line with market expectations, with year-on-year declines in both the headline and core index.
Source: Ambito
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