Global Stocks Rise Again!


 The US stock market returned to the green as better-than-expected inflation data bolstered bets on smaller interest rate hikes from the Federal Reserve (Fed).

The US consumer price index (CPI) rose 6.0% year-on-year in February, meeting market expectations and down from a previous reading of 6.4% in January.

Although the reading is seen as still high, the market expects the Fed to implement a smaller rate hike of 25 basis points or leave it unchanged.

This follows the uncertainty sparked by the Silicon Valley Bank (SVB) crisis that dashed expectations for the central bank to act aggressively with a 50 basis point hike at next week's policy meeting.

The three major indexes closed positive in the New York session, seeing the Dow Jones Industrial gain 1% at 32,155.42, while the S&P 500 added 1.65% to 3,919.30 while the Nasdaq was up 2.3% at 12,199.79.

The US30 index was slightly higher in the Asian session, around 32,159.

Hard-hit banks managed to bounce back as traders calmed down after a massive sell-off over the past week. First Republic Bank jumped 38%, while KeyCorp rose 11%.

Meanwhile, Meta rose 6% after the company decided to cut 10,000 jobs, while AMD rose more than 6% as demand for chip stocks remained strong.

Investors' focus is now shifting to the release of US producer inflation (PPI) and retail sales data for clearer indications on investors.