Stocks rally as euro gains on likely rate hikes

NEW YORK, May 24 — US and European stocks rallied yesterday, with the S&P 500 for the moment moving away from a bear market, while the euro leapt after the European Central Bank said it was likely to lift its deposit rate out of negative territory by September.

Stocks on Wall Street also gained more than 1 per cent, though the Nasdaq Composite initially lagged after briefly trading in the red. Stock investors are under the illusion that the Fed will rescue the market from further decline by easing monetary policy, or what has become known as the Fed “put,” said Steven Ricchiuto, US chief economist at Mizuho Securities.

The focus in Europe was on ECB President Christine Lagarde, who accelerated an already sharp policy turnaround from all but ruling out interest rate hikes to now penciling in several in the face of record-high euro zone inflation. A survey from the Ifo Institute showed that German business morale unexpectedly rose in May, helping to calm investors for the moment.

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