new York Investors on Wall Street shook off their fears of rising interest rates at the end of the week. The Dow Jones index of standard values was 0.7 percent higher at 33,238 points on Friday afternoon. The broader S&P 500 rose 1.1 percent to 4025 points. The Nasdaq technology exchange index rose 1.4 percent to 11,620 points.
Statements by US currency watchdog Raphael Bostic provided some relief. The president of the Atlanta branch of the US Federal Reserve Bank favors a slow and steady Fed stance with rate hikes of 25 basis points “as the impact of higher rates may not be felt until the spring.”
A measured approach reduces the likelihood that the Fed will overshoot interest rates and hurt the economy. In addition, yields in bond markets have come down again after the recent rally.
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