Global stocks, US dollar power higher on ‘slow and steady’ rate hopes

NEW YORK, March 3 — Wall Street stocks reversed losses to end higher yesterday, and US government bond yields tempered gains, as investors digested strong economic data and signals of a measured interest rate approach from the Federal Reserve.

The S&P 500 and Nasdaq Composite both gained around 0.75 per cent, even as Tesla Inc fell nearly 6 per cent after the company did not unveil a much-awaited small, affordable electric vehicle. “The economic impact of tightening remains a puzzle. Profitability might not be that fragile, at least, not yet,” he said.

Fed funds futures tied to the Fed’s policy rate see about an even chance that the rate will range from 5.5 per cent-5.75 per cent by September, from the current range of 4.5 per cent-4.75 per cent.

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