US stocks rose on Thursday after a sharp rally in the previous session as the Federal Reserve raised interest rates while investors kept a close eye on Russia-Ukraine peace talks.
Nine of the 11 major S&P sectors rose in early trade, with energy stocks up 1.7% as oil prices hit $105 amid warnings of a supply crunch due to the shutdown of Russian oil supplies.
The financial position fell the most after a sharp rally in the previous session. The bank index declined 1.4%, compared with a 2.4% drop in Citigroup. The US Treasury yield curve hit a two-year low as investors digested the Fed’s policy decision.
The S&P 500 closed more than 2% on Wednesday, while the tech-heavy Nasdaq rose nearly 4%, with the US central bank raising interest rates by 25 basis points on expectations and forecasts of equal increases at every meeting this year. Put it.
“At the moment, I would say, investors are not looking at the Fed’s plan as a policy mistake. I think the consensus was there. Every month, every meeting, investors are going to reevaluate. So if inflation starts to calm down, So will investors who expect the Fed to dial back the rate hikes they anticipate are data dependent, said Mike Bailey, research director at FBB Capital Partners in Bethesda, Maryland.
Signs of progress in talks to end what Russia calls “a special military operation” helped boost global stocks this week, but the Kremlin said no deal had yet been struck.
At 10:13 am, the Dow Jones Industrial Average was up 14.87 points, or 0.04%, at 34,077.97, the S&P 500 was up 9.74 points, or 0.22%, at 4,367.60, and the Nasdaq Composite was up 44.88 points, or 0.33. %, at 13,481.43.
Meanwhile, data showed weekly jobless claims fell last week as labor demand remained strong, giving the economy another month of solid job losses.
The CBOE Volatility Index, also known as Wall Street’s fear gauge, rose on Wednesday after closing at its lowest level since February 18.
Accenture plc rose 2.3% after the IT consulting firm forecast third-quarter revenue, even as it warned of the impact on operations as the Russia-Ukraine conflict escalates.
Ralph Lauren Corp. gained 2.5% after JPMorgan upgraded the affordable luxury apparel maker’s stock from “neutral” to “overweight.”
Advancing downside issues compared to a 1.90-to-1 ratio on the NYSE and a 2.08-to-1 ratio on the Nasdaq.
The S&P index recorded 8 new 52-week highs and no new lows, while the Nasdaq recorded 24 new highs and 39 new lows.
This story has been published without modification in text from a wire agency feed.
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