US stocks rose on Tuesday, after the rise of banking stocks, supported by the results of the bank “Bank of America” and “Morgan Stanley”, in addition to the return of the rise in stocks related to artificial intelligence.
Bank of America has made impressive profits from its core business on Wall Street. Morgan Stanley officials indicated an improvement in its outlook.
In the technology sector, Microsoft set a high price on new AI products, which lifted the sector’s performance.
The Standard & Poor’s 500 index recorded a gain of 0.7%, while US Treasury yields pared their previous losses, because corporate data was accompanied by disappointing economic figures.
Figures on industrial production and retail trade missed economists’ estimates, and investors are now betting on a quarter-point hike in interest rates at the Federal Reserve meeting next week.
US industrial output declined in June for the second month
Signs of slowing inflation and improving economic conditions have prompted investors to return to betting on how high US benchmark overnight interest rates will go.
However, the forecasts of quarterly monetary policy makers reveal an average of two rate hikes this year, by a quarter of a percentage point each time, with the aim of bringing the inflation rate down to the Fed’s target level.
2023-07-18 22:46:29
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