NEW YORK, May 25 — US stock indexes shook off early weakness to trade higher today as growth stocks rallied, with investors awaiting minutes from the Federal Reserve’s May meeting for clues on the path of its policy tightening.
“If the Fed continues on the path they’ve suggested, you’ll see a greater probability of a recession in 2023.” Fed Chair Jerome Powell has promised to keep pushing on rate hikes until there is clear and convincing evidence that inflation is dropping. That has prompted money markets to price in 50 basis point hikes in June and July..
Today, five of the 11 major S&P sectors advanced in morning trade, with consumer discretionary up 2.4 per cent. Nordstrom Inc gained 10.3 per cent after the upscale retailer raised its annual profit and revenue forecasts, counting on demand from affluent consumers to help it overcome price pressures.
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