Wall Street forgets about the banking crisis and is on track to close March with profits

The main Wall Street indices They go up this Friday, March 31, after knowing that inflation slowed in Februarywhich supports the hope that the Federal Reserve softens its approach on monetary policy.

He Dow Jones Industrial Average gains 176.19 points, or 0.5%, to 33,035.22 units; he S&P 500 index It advances 19.64 points, or 0.48%, to 4,070.47 units; and the Nasdaq Composite it improves 63.40 points, or 0.53%, to 12,076.87 units. The three indices are heading to close the month on the rise despite the financial crisis that hit in mid-March.

A Commerce Department report showed that the Personal Consumption Expenditure (PCE) Indexwhich is the Fed’s preferred inflation gauge, rose 0.3% in February in monthly terms, compared to the rise of 0.6% in January.

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The bets of the operators to a rate increases of 25 basis points in May stood at 52.5%with the odds of a break at 47.5%, according to CME Group’s Fedwatch tool.

“As the Fed’s rate hikes are starting to take hold a year after they started, it may be a sign that they are starting to cool inflation,” he said. Brandon Pizzurro, Guidestone Capital Management. “However, in terms of the Fed calculation, they will need more confirmation that disinflation is really taking hold beyond a few data here and there.”

The consumer discretionary and real estate sectors were the biggest gainers, with gains of around 0.9% each.

While the US 10-year Treasury yield falls to a session low of 3.51% behind the data, top growth names such as Apple Inc, Meta Platforms and Amazon.comwere up between 0.3% and 0.8%.

Limiting the profits S&P 500, Micron Technology lost 3% after learning that China will review the chip maker’s products sold in the country. The broader Philadelphia Semiconductor Index was down 0.5%.