Stocks End Almost Flat After Suffering Wild Swings: Markets Wrap
- Daly says 75 basis-point hike ‘not a primary consideration’
- Prices paid to US producers rose more than forecast in April
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Stocks rebounded sharply in the final hour of New York trading, with the S&P 500 almost wiping out a selloff that pushed it to the brink of a bear market earlier Thursday.
The turnaround came as Federal Reserve Bank of San Francisco President Mary Daly told Bloomberg News that a 75-basis-point increase in rates is “not a primary consideration,” while adding that the US is in a strong place and should be able to withstand monetary tightening. For a market that’s been haunted by fears that restrictive policy could cause a recession, those comments offered a degree of comfort at the end of a day marked by brutal volatility.