US stocks rise despite slower service industry growth

The S&P 500 and Nasdaq closed higher yesterday after data showing the US services industry growth slowed further in March, but the advance was limited after Federal Reserve Chair Jerome Powell indicated a cut in interest was still not in sight. Most of the major S&P 500 sectors advanced, led by gains in energy, materials and communication services.

Powell reaffirmed in a speech yesterday that the Fed will stick to its wait-and-see approach as it considers when to start cutting rates given the continued strength of the US economy and recent higher-than-expected inflation data

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