Wall Street’s main indexes surged on Tuesday as consumer prices in the world’s largest economy grew in line with expectations, supporting betting on the Federal Reserve raising interest rates by a lower amount at its next meeting.<\/p>\n\n\n\n
The Consumer Price Index (CPI) in the United States increased 0.4% in February, compared to 0.5% the previous month, according to data. It increased 6.0% year on year last month, compared to 6.4% the prior month.<\/p>\n\n\n\n
Removing volatile food and energy components, the CPI rose 0.5% in February after climbing 0.4% in January. The so-called core CPI rose 5.5% in the year to February, after rising 5.6% in January.<\/p>\n\n\n\n
Equities have been crushed in recent days as a result of the collapse of SVB Financial Group and competitor Signature Bank, as well as concerns about the dangers to other banks from the Fed’s fast interest rate rises.<\/p>\n\n\n\n
Investors are hopeful that the fear of a financial catastrophe would drive the Federal Reserve of the United States to lighten off on monetary tightening.<\/p>\n\n\n\n
Regional bank stocks rebounded after suffering double-digit losses over the past few days, with the KBW Regional Banking index up 7.7%.<\/p>\n\n\n\n
First Republic Bank jumped 52.7% before trading in its shares was halted for volatility. Shares of peer Western Alliance Bancorp were also halted.<\/p>\n\n\n\n
The S&P 500 banking index rose 3.9% after recording its biggest one-day percentage drop since June 2020 in the previous session.<\/p>\n\n\n\n
Meta Platforms Inc rose 5.8% after the Facebook-parent said it would cut 10,000 jobs in a second round of mass layoffs.<\/p>\n\n\n\n
Other major Big Tech and growth stocks such as Apple, Alphabet Inc and Tesla rose between 1% and 4% in early trade.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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