U.S. stocks advanced as risk appetite continued to recover from turmoil in the banking sector, led by gains in technology and financial shares.
Financial stocks were hit hard by the collapse of three U.S. banks this month but were able to stage a rally Wednesday, even after a report the Federal Deposit Insurance Corp. was mulling a squeeze on big banks to help cover the almost US$23 billion in costs from the bank failures. Fed Chair Jerome Powell pointed to Fed officials’ forecast for another quarter percentage-point hike this year when asked by lawmakers Wednesday when the central bank will stop raising interest rates, Bloomberg News reported. However, traders are pricing in roughly 50-50 odds that move will occur at the Fed’s next meeting in May.
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