US stocks rise as inflation data comes in line with expectations and investors shake off SVB fears
US stocks rallied Tuesday as traders digested the latest inflation data, with the Dow Jones Industrial Average on track to snap a five-day slump.
The consumer price index increased 0.4% in February from January, putting the annual rate at 6%. Both were in line with estimates and signaled continued cooling in inflation as the Federal Reserve weighs its next step on interest rates. Regional bank stocks staged a comeback after getting demolished on Silicon Valley Bank and Signature Bank contagion concerns on Monday. Shares of First Republic, PacWest, and Western Alliance were up double-digit percentage points.Goldman Sachs predicted the central bank"In light of recent stress in the banking system, we no longer expect the FOMC to deliver a rate hike at its March 22 meeting with considerable uncertainty about the path beyond March," analysts wrote in a Sunday note.
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