Wall Street closes higher as interest rate hikes come to an end
US indices rose more than 1%, on a day investors take for granted that the end of the Fed’s rate hike is near.
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US stock markets closed higher, supported by expectations that the US Federal Reserve (Fed) rate hike cycle is coming soon.
An increase in the number of jobless claims last week – another 11k to 239k – combined with a decline in PPI of 0.5% and milder inflation in March (5%) fueled investor expectations and boosted the US. pointers.
This is because the monetary authority’s fight against inflation is starting to show signs of effectiveness, with price increases falling to their lowest level in nearly two years last month. The Fed has reiterated that its main battle is to bring down inflation, with the market waiting for one more increase – in May. The S&P 500 rose 1.33% to 4,146.22 point, the Dow Jones Industrial Average added 1.14% to 34,029.69 point, the Nasdaq Technology Index rose 1.99% to 12166.27 points.
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