Wall Street closes sharply higher, notches weekly gains as Treasury yields ease

ABU DHABI, 3rd March, 2023 (WAM) — Wall Street rallied on Friday to end a volatile week, as U.S. Treasury yields eased and economic data helped investors look past the growing likelihood that the Federal Reserve will keep its restrictive policy in place for longer than anticipated, according to Reuters.

All three major U.S. stock indexes gained, led by the tech-laden Nasdaq, which climbed close to 2% and got a boost from interest rate sensitive megacaps. U.S. Treasury yields eased in the wake of comments from Fed officials that calmed fears over inflation and interest rates.

For the week, the indexes notched gains, with the S&P snapping a three-week losing streak and the Dow enjoying its first weekly advance since late January.