U.S. stocks climbed Thursday, with gains in shares of technology and consumer discretionary companies helping the S&P 500 snap a three-session losing streak.
Doubts over how high the Federal Reserve will ultimately raise rates have helped lift the indexes this year. Stocks continued their rise Thursday despite Federal Reserve Chair Jerome Powell telling Senate lawmakers that the Fed would likely raise interest rates again in the coming months.
Given the economy continues growing modestly and inflation keeps subsiding, the central bank is likely “within a couple of rate hikes” from its peak interest rate, Powell said. Traders have been pricing in a different picture. Derivatives markets show traders expect the Fed to, at most, raise interest rates just one more time this year.
Read the full story on The Wall Street Journal here.