NEW YORK, Sept 9 — Wall Street's main indexes posted gains on Thursday mainly lifted by financial institutions and healthcare companies, as investors digested hawkish remarks from policymakers that cemented bets of a large interest rate hike later this month.
Money market traders see 87 per cent odds that the Fed will hike rates by 75 basis points at this month's meeting. Chicago Fed President Charles Evans joined his fellow policymakers in saying that reining in inflation is “job one.” Investors are also awaiting the US August inflation report next week for fresh clues on whether the Federal Reserve will hike rates by half or three-quarters of a percentage point at the next policy meeting due Sept. 20-21.
With increasing odds of another outsized rate hike, both the rate-sensitive S&P 500 bank index .SPXBK and the S&P 500 healthcare sector rose 2.8 per cent and 1.8 per cent, respectively. The Dow Jones Industrial Average .DJI rose 193.24 points, or 0.61 per cent, to 31,774.52, the S&P 500 .SPX gained 26.31 points, or 0.66 per cent, to 4,006.18 and the Nasdaq Composite .IXIC added 70.23 points, or 0.6 per cent, to 11,862.13.
Volume on US exchanges was 10.19 billion shares, compared with the 10.37 billion average for the full session over the last 20 trading days.
Source: News Formal (newsformal.com)
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