Such hikes can drive down inflation by slowing the economy, but they raise the risk of a recession later on. The worry at the time was that inflation is staying stubbornly high, which could force the Federal Reserve to pick up the pace again on its hikes to interest rates. The major indexes' gains eased by midafternoon after a strong morning rally.Ī week ago, Wall Street was expecting Tuesday’s report on inflation to be the most important data of the week, if not month. Eastern time, while the Nasdaq composite was 1.2% higher. The Dow Jones Industrial Average was up 58 points, or 0.2%, at 31,885, as of 2:21 p.m. Treasury yields soared to trim their historic drops. Stocks of smaller and mid-sized banks recovered some of their prior plunges caused by worries that customers could yank out all their cash. The S&P 500 was 0.8% higher in afternoon trading after a report showed inflation is still high but heading lower. Stocks are broadly higher on Wall Street Tuesday, as some of the most breathtaking moves from a manic Monday reverse course. Treasury yields rose sharply, trimming some of their historic drops from the previous day.
Several bank stocks bounced back, recovering some of their plunges from a day earlier caused by worries that customers could yank out their cash in the wake of two bank failures. The Nasdaq composite rose 2.1% and the Dow Jones Industrial Average added 1.1%. The S&P 500 rose 1.7% Tuesday after a report showed inflation is still high, though no more than expected. NEW YORK - Stocks closed higher on Wall Street as some of the most breathtaking moves from a manic Monday reversed course.
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