US stocks rallied Tuesday as traders digested the latest inflation data, with the Dow Jones Industrial Average on track to snap a five-day slump.
The consumer price index increased 0.4% in February from January, putting the annual rate at 6%. Both were in line with estimates and signaled continued cooling in inflation as the Federal Reserve weighs its next step on interest rates. Regional bank stocks staged a comeback after getting demolished on Silicon Valley Bank and Signature Bank contagion concerns on Monday. Shares of First Republic, PacWest, and Western Alliance were up double-digit percentage points.Goldman Sachs predicted the central bank"In light of recent stress in the banking system, we no longer expect the FOMC to deliver a rate hike at its March 22 meeting with considerable uncertainty about the path beyond March," analysts wrote in a Sunday note.
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