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Stocks Bounce Back in Countdown to Key CPI Data: Markets Wrap

  • US officials back half-point hikes, Mester open to doing more
  • Fed’s Waller says strong US economy can take higher rates
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WATCH: Goldman Sachs says equities look attractive over a 6 to 12 month horizon.Source: Bloomberg
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Stocks closed higher in a session marked by exhausting gyrations, with investors trying to make sense of comments from a multitude of Federal Reserve speakers ahead of key inflation data on Wednesday.

The S&P 500 bounced back after a selloff that erased $9 trillion from the US equity market this year, but finished well below its Tuesday’s highs. Several traders were still reluctant to call a bottom amid worries over inflationary pressures, tighter monetary policy and an economic slowdown. The tech-heavy Nasdaq 100 outperformed following its biggest three-day wipeout in at least two decades. Treasury 10-year yields fell. Oil settled under $100 a barrel, shedding almost 10% in two days.