Nasdaq set for best qtr since 2020, latest inflation data a boost
The quarterly gains came despite a sharp sell-off in bank stocks following the collapse of two regional banks earlier this month.U.S. consumer spending rose moderately in February while inflation cooled.
"The equity market seems to be delighted with the slight tick lower in inflation, as it should be. It underscores that the Fed's campaign is, in fact, working, albeit slowly," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. The Fed has been raising rates to cool inflation, and traders' bets of a 25-basis-point rate hike in May stood at 53.8% on Friday, according to CME Group's Fedwatch tool.
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