All three major US indexes extended yesterday’s gains, which saw S&P 500 notch its biggest one-day percentage bump in over a month. — AFP picNEW YORK, May 15 — Wall Street closed higher in a broad rally, an upbeat conclusion to whipsaw week of buying and selling as signs of a rebounding economy squared off against mounting inflation jitters.
Those big swings were stoked by economic data, which fanned concerns that near-term price spikes could translate into long-term inflation, despite assurances to the contrary from the US Federal Reserve. But in an indication that economic activity could return to normal, revised guidance from the US Centres for Disease Control and Prevention said fully vaccinated people no longer need to wear masks outdoors and can avoid wearing them indoors in most places.
Chips gave a lift to the technology sector , extending gains in the wake of a Reuters report that lawmakers in Washington are close to unveiling a US$52 billion dollar proposal to aid US microchip production.First-quarter earnings season is nearing its final curtain, with 457 constituents of the S&P 500 having posted results. Of those, 87 per cent have beaten consensus estimates, according to Refinitiv IBES.
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