US stocks surged on Wednesday as investors got more comfortable with the idea that the US banking system is not on the brink of a crisis following the collapse of Silicon Valley Bank.
Technology stocks led the market higher, with the Nasdaq 100 soaring almost 2% as interest rates remained relatively subdued compared to levels seen just a few weeks ago. Interest rates have dropped to levels not seen in months, with the 2-year US Treasury yield hovering around 4% and the 10-year yield at about 3.6%. That's a far cry from the levels seen earlier this month, with the 2-year above 5% and the 10-year above 4%.
Investors will be focused on fresh economic data for the rest of the week. Jobless claims on Thursday will give investors a sense of how strong the job market is, while personal consumption expenditures data on Friday will help investors understand how much inflationary pressure remains in the economy.
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