Fri 31-03-2023 23:48 PM
NEW YORK, 31st March, 2023 (WAM) – As U.S. inflation data fuelled hopes the Federal Reserve may be nearing the end of its rate hike cycle, a gauge of global stocks was poised for its biggest weekly percentage gain in two months on Friday, with the two-year U.S. Treasury yield set for its first quarterly decline in the past nine, according to Reuters.
On Wall Street, U.S. stocks rose, with the S&P 500 set to notch its second straight quarterly advance, thanks in part to three straight weekly advances this month. The Nasdaq Composite, up about 16% in the first quarter, was set to snap a streak of four straight quarterly declines.
On the session, The Dow Jones Industrial Average (.DJI) rose 245.43 points, or 0.75%, to 33,104.46; the S&P 500 (.SPX) gained 35.83 points, or 0.88%, to 4,086.66; and the Nasdaq Composite (.IXIC) added 147.76 points, or 1.23%, to 12,161.23.
European shares were also higher, after a reading of inflation in the euro zone dropped by the most on record in March, although the core price growth, which excludes food and energy, accelerated.
The pan-European STOXX 600 index (.STOXX) closed up 0.66% and MSCI’s gauge of stocks across the globe (.MIWD00000PUS) gained 0.71%.
Expectations for a 25 basis point rate hike at its May meeting dipped to about 50%, with no hike seen to be just as likely.
Hatem Mohamed
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