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By Staff Reporters
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- Wall Street’s main stock benchmarks closed higher Thursday after two days of declines.
- St. Louis Fed President James Bullard said the central bank is “behind the curve” on fighting inflation.
- Stocks appeared to take in stride Bullard’s view that the Fed needs to raise rates by 3 percentage points this year.
The NASDAQ Composite recovered a portion of the 2% slump it suffered on Wednesday, and the S&P 500 and the Dow Jones Industrial Average joined the tech-concentrated index in rising for the first time in three sessions.
Stocks overcame earlier losses and appeared to absorb remarks by St. Louis Fed President James Bullard who reportedly said on Thursday the Fed is “behind the curve” in curbing inflation. He said the central bank will need to raise interest rates another 3 percentage points by the end of 2022, according to Reuters. The Fed in March raised its fed funds rate by 25 basis points from near zero.
Judge Ketanji Brown Jackson will become the first Black woman to ever serve on the US Supreme Court, after being confirmed by the Senate in a 53–47 vote. She’ll replace Justice Stephen Breyer, who is retiring this summer.
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Filed under: Alerts Sign-Up, Investing | Tagged: ames Bullard, DJIA, Dow Jones Industrial Average, Federal Reserve, FOMC, Ketanji Brown Jackson, NASDAQ, S&P, Stephen Breyer |
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