The S&P 500 gained 0.6 per cent — even with financials under pressure — while the tech-heavy Nasdaq 100 rose 0.9 per cent, pushing further into a bull market. Treasuries were little changed and the dollar was weaker against major peers.
“With cracks in the banking system becoming apparent, the Fed’s job has become even harder,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors. “Recession risk remains in focus given the Fed’s historical track record of struggling to tighten policy while easing the economy to a soft landing.”
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