Wall Street rallied more than 1 percent and the Nasdaq notched its biggest quarterly percentage gain since June 2020, as signs of cooling inflation bolstered hopes the Federal Reserve might soon end its aggressive interest rate hikes. | Reuters
. consumer spending rose moderately in February while, as it should be. It underscores that the Fed’s campaign is, in fact, working, albeit slowly,” said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.. Expectations for a 25 basis point rate hike at its May meeting dipped to about 50 percent, with no hike seen to be just as likely.
The Dow Jones Industrial Average rose 415.12 points, or 1.26 percent, to 33,274.15, the S&P 500 gained 58.48 points, or 1.44 percent, to 4,109.31 and the Nasdaq Composite added 208.44 points, or 1.74 percent, to 12,221.91.For the quarter, the Nasdaq jumped 16.8 percent in its biggest quarterly percentage increase since the three months ended June 2020. The S&P 500 gained 7 percent and the Dow rose 0.4 percent in the quarter, based on the latest available data.
Semiconductors were among the quarter’s strongest performing stocks, with the Philadelphia semiconductor index rising 27.6 percent.. Treasury yields eased, with the two-year note yield posting on Friday its largest monthly drop since 2008. Higher yields tend to be a negative for big tech companies. Apple Inc shares ended up 1.6 percent on Friday, rising along with other megacaps. It also won its appeal against the decision by Britain’s antitrust regulator to launch an investigation into its mobile browser and cloud gaming services.. central bank stops with its rate rises, maintaining that level for some time will be critical in helping to lower high. exchanges was 11.98 billion shares, compared with the 12.74 billion full-session average over the last 20 trading days.
The S&P 500 posted 19 new 52-week highs and no new lows; the Nasdaq Composite recorded 81 new highs and 131 new lows.Subscribe to our daily newsletter
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