NEW YORK — Most stocks ticked higher on Wall Street Thursday following the latest signs that the U.S. economy remains stronger than feared.
“The US economy is currently displaying genuine signs of resilience,” said Gregory Daco, chief economist at EY. “This is leading many to rightly question whether the long-forecast recession is truly inevitable.” The Fed has pulled rates higher at a blistering pace since early last year. High rates slow inflation by dragging on the entire economy, and they have already hurt the manufacturing and other industries while helping to cause three high-profile failures in the U.S. banking system.
The 10-year yield rose to 3.83% from 3.71%. It helps set rates for mortgages and other important loans. A stronger economy could also help banks make more money from lending, though higher interest rates could pressure their balance sheets.
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