NEW YORK, March 4 — Wall Street stocks posted strong gains while Treasury yields and the dollar pulled back yesterday as data pointing to US economic growth boosted risk appetite, even as expectations for rate hikes kept bond yields near multi-year highs.
“Following weeks of relentless upward pressure on interest rates, the S&P 500 got a bit of a reprieve today,” said Bill Sterling, global strategist at GW&K Investment Management in Boston. The recovery in euro zone business activity gathered pace last month, PMI survey data showed, in the latest piece of data to suggest the bloc would avoid a recession.
Investors are trying to gauge that exact path for Federal Reserve rate hikes, after strong US data in recent weeks suggested rates may need to be higher for longer.
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