US stocks climb as investors shake off bank concerns ahead of new economic data
US stocks surged on Wednesday as investors got more comfortable with the idea that the US banking system is not on the brink of a crisis following the collapse of Silicon Valley Bank.
Technology stocks led the market higher, with the Nasdaq 100 soaring almost 2% as interest rates remained relatively subdued compared to levels seen just a few weeks ago. Interest rates have dropped to levels not seen in months, with the 2-year US Treasury yield hovering around 4% and the 10-year yield at about 3.6%. That's a far cry from the levels seen earlier this month, with the 2-year above 5% and the 10-year above 4%.
Investors will be focused on fresh economic data for the rest of the week. Jobless claims on Thursday will give investors a sense of how strong the job market is, while personal consumption expenditures data on Friday will help investors understand how much inflationary pressure remains in the economy.
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