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US markets end higher on Tuesday

15 Mar 2023 Evaluate

The US markets ended higher, with Nasdaq settling over two percent higher, as the assurance from the regulators that there won't be a relapse of the financial crisis from 15 years ago helped lift sentiment. Data showing a drop in U.S. consumer prices in the month of February contributed significantly to the positive mood in the market. The Labor Department said its consumer price index rose by 0.4 percent in February after climbing by 0.5 percent in January. The advance by the index matched expectations. Core consumer prices, which exclude food and energy prices, increased by 0.5 percent in February after rising by 0.4 percent in the previous month. Street had expected core prices to rise by 0.4 percent. The report also showed the annual rate of consumer price growth slowed to 6.0 percent in February from 6.4 percent in January.

The year-over-year growth, which was in line with street estimates, marked the smallest 12-month increase since September 2021. The annual rate of growth by core consumer prices edged down to 5.5 percent in February from 5.6 percent in January. The slowdown in year-over-year price growth may help offset recent concerns about the outlook for interest rates ahead of next week's Federal Reserve meeting. in stock specific developments, Meta Platforms shares surged more than 7 percent after the company said it would cut 10,000 jobs in mass layoffs. Shares of First Republic Bank soared nearly 27 percent, bouncing back after plunging by about 60 percent in the previous session. Bancorp climbed about 2.7 percent.

Dow Jones Industrial Average rose 336.26 points or 1.06 percent to 32,155.4, Nasdaq gained 239.31 points or 2.14 percent to 11,428.15 and S&P 500 was up by 63.53 points or 1.65 percent to 3,919.29.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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