Wall Street’s main indices rise this Thursday, March 30, as fears of a banking crisis dissipated with interest rate sensitive real estate and technology stocks leading gains ahead of key data on inflation that could mark the path of the Federal Reserve’s monetary policy.
Investors await the February reading of the Personal Consumption Expenditure (PCE) Price Indexthe Fed’s preferred inflation gauge, which will be published on friday after January figures showed a sharp acceleration in consumer spending.
Data showed on Thursday that jobless claims increased last week more than expectedwhich indicates a US job market coolinge, while the growth of the GDP fourth quarter was slightly lowered to 2.6%compared to previous estimates of 2.7%.
These figures support the idea of the need for a less restrictive monetary policy by the Fed.
“Despite the (GDP) downgrade, it’s still solid data despite rising interest rates and high inflation… but it did show signs that the US economy was losing momentum,” he said. Tom Hopkinsportfolio manager at BRI Wealth Management.
Investors will also analyze comments during the day from the Boston Fed president, Susan Collinsfrom the head of the Minneapolis Fed, Neel Kashkariand the president of the Richmond Fed, Thomas Barkinlooking for clues about monetary policy plans after the banking crisis.
He Dow Jones Industrial Average rises 148.06 points, 0.45%, to 32,865.66 units, while the S&P 500 earns 22.97 points, or 0.57%, at 4,050.78 units, and the Nasdaq Composite It is up 73.81 points, or 0.62%, at 12,000.05.
The mega-cap companies Apple Inc, Tesla Inc, Amazon.com, and Microsoft Corp. They rise between 0.4% and 1.1%, which lifted the consumer discretionary and technology indices by 0.8% each.
the streaming platform Roku Inc earns 1.3% thanks to his plans to cut some 200 jobs, while Kohl’s Corp. climbed 6.9% after its CEO bought shares in the company.
The actions of Alibaba Group Holdingwhich are listed in the United States, advanced 2.7% after learning that its logistics division has begun preparations with banks for its initial public offering in Hong Kong.
Source: Ambito
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