Stocks are gaining on Wall Street in afternoon trading following two economic reports that suggest the economy is cooling enough for the Federal Reserve to pause hiking interest rates.
“Markets reacted to the release of the consumer confidence and job opening reports by rallying, with both bonds and stocks up on the news as odds for a Federal Reserve rate hike at their next meeting in September fell,” said Sam Millette, fixed income strategist for Commonwealth Financial Network.Best Buy rose 4.8 per cent after the consumer electronics retailer beat Wall Street forecasts, even as second-quarter profit and sales declined from a year ago. Discount retailer Big Lots surged 28.
The Fed has been raising its main interest rate for more than a year to its highest level since 2001, in an effort to bring inflation back down to its 2 per cent goal. The central bank held rates steady at its last meeting and Wall Street is betting that it will do the same at its September meeting.
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