Financial Digest

US Stocks Rebound on Fresh Economic Data

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US Stocks,Rebound,Economic Data

US stocks rebounded from a steep sell-off as fresh economic data rekindled hopes that inflation remains in a cooling trend. Interest rate-sensitive megacaps boosted the tech-heavy Nasdaq sharply higher, while the S&P 500 and the Dow both are in the green.

US stocks rebounded from a steep sell-off as fresh economic data rekindled hopes that inflation remains in a cooling trend.

John Williams, President of the Federal Reserve Bank of New York, said “there’s no clear need to adjust monetary policy in the very near term.”Richmond Fed President Thomas Barkin cited the latest inflation data, saying the central bank is not yet confident pricing pressures will continue to ease. Globe Life tumbled 43.4 per cent after Fuzzy Panda Research disclosed a short position in the company, alleging multiple instances of insurance fraud.

 

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