Stocks advanced as a selloff in oil gathered momentum while New York manufacturing data came in much weaker than expected, easing fears about more aggressive Federal Reserve tightening that could stifle economic growth.The equity market rebounded after a three-day slide, with defensive groups like consumer staples and utilities leading gains in the S&P 500. Treasury 10-year yields dropped from the highest level since 2019, joining a decline in the U.S. dollar. Shares of airlines jumped as crude hovered near $95 a barrel. U.S.-listed Chinese shares continued to push lower amid concern about the nation’s ties to Russia and persistent regulatory pressures.Prices paid to U.S. producers rose strongly in February on higher costs of goods, underscoring inflationary pressures that set the stage for the Fed’s first rate increase since 2018 on Wednesday. Still, officials will have to balance curbing higher prices without hampering the economic rebound. A separate report showed New York state manufacturing activity weakened considerably in early March as orders fell and delivery times lengthened.
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