Wall Street's main indexes closed up as investors keenly await a crucial inflation report on Thursday for more clarity on the Federal Reserve's rate hike trajectory
The benchmark index is up so far for 2023 after falling sharply last year. Hopes that the Fed could soon ease back on its aggressive tightening after raising the federal funds rate seven times in 2022 have boosted the market in recent sessions, even as comments by some Fed officials have supported the view that the central bank needs to remain vigilant about raising rates to fight inflation.
"Investors are anticipating that we're closer to a pause than at any other point last year," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. He said that would be welcomed by the market. Also, "any time you have a down year, it's not surprising many times to have a reversal at the start of the new year," he said.
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