Upbeat economic data in Germany and gains in US mega-cap growth stocks helped lift an index of global stock markets on Thursday, while US Treasury yields slipped as investors waited for the Federal Reserve’s Jackson Hole meeting for insights into the central bank’s plans to combat inflation.
“We’re in a period of time between the end of the second-quarter earnings season and meaningful additional data from the Federal Reserve. The euro fell back under $1 by the time details from last month’s European Central Bank meeting – when the bank hiked rates by 50 basis points – showed concerns among policymakers that inflation is becoming entrenched.The Dow Jones Industrial Average rose 322.55 points, or 0.98%, to finish at 33,291.78, the S&P 500 gained 58.35 points, or 1.41%, to close at 4,199.12 and the Nasdaq Composite added 207.74 points, or 1.67%, to end the session at 12,639.27.
Investors now expect the Fed Funds rate to peak at 3.80% in March 2023, up from 3.62% a fortnight ago, said Tapas Strickland, NAB’s economics director. In currency markets, the dollar slipped 0.2% against a basket of currencies, while the euro was 0.05% higher at $0.9974, just below parity with the US currency.
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