Stocks rise, recover nearly all of steep loss from prior day

March 23, 2023

WVUA 23 Digital,

Financial Markets Wall Street — The New York Stock Exchange, Wednesday, Dec. 14, 2022, in New York. The Federal Reserve raised interest rates by half a point on Wednesday. Stocks are off to a weak start on Wall Street as worries grow that the Federal Reserve and other central banks are willing to bring on a recession if that’s what it takes to get inflation under control. (AP Photo/Julia Nikhinson)

The Associated Press

NEW YORK (AP) – Stocks are rallying to recover almost all their steep loss from a day before, when markets tumbled into the close.

The S&P 500 was up 1.5% Thursday. The Dow and the Nasdaq also jumped, while short-term Treasury yields kept sinking.

A day earlier, stocks tumbled after the Federal Reserve indicated that while the end may be near for its market-rattling interest rate hikes, it doesn’t expect to cut rates this year.

Many investors still think the Fed will, however. The high rates are meant to fight inflation, but they also put pressure on banks and risk tipping the economy into a recession.

Read the full story on AP News right here.

3/23/2023 12:38:43 PM (GMT -5:00)

Categories: Regional and US News