Stocks rise and dollar falls while oil rallies

NEW YORK, USA – Stock indexes advanced on Thursday, March 30, but finished below their session highs while the dollar declined as investors turned their focus to upcoming inflation data and the outlook forLonger-dated US Treasury yields fell ahead of personal consumption expenditures data due out Friday, March 31. Economists polled by Reuters expect core prices rose by 0.4% in February and posted an annual increase of 4.7%.

The US dollar slipped to a one-week low against the euro as German inflation data helped lift the common currency. And oil prices rose more than 1% on lower US crude stockpiles and an export halt from Iraq’s Kurdistan region, which offset pressure from a smaller-than-expected cut to Russian supplies.

Thursday’s signs of risk appetite among investors stemmed from hopes that bank turmoil has been contained as well as bets that central banks around the world are near the end of their interest rate hiking cycles, according to Jeff Kleintop, chief global investment strategist at Charles Schwab. But some investors were concerned by hawkish comments from Federal Reserve officials on Thursday as they braced for Friday’s key economic data as well as potential volatility from traders’ end-of-quarter efforts to square up positions.

“Traders are gearing up for what could be a more volatile day tomorrow and not making any big bets,” said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management.

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