Stocks Bounce Off Lows as Traders Temper Fed Bets: Markets Wrap
- Waller, Bullard back 75-basis-point hike after hot inflation
- Bank chiefs stare down recession fear with upbeat outlook
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Stocks closed well off session lows as comments from Federal Reserve officials brought some relief to investors worried that a more aggressive pace of rate hikes could trigger a recession.
The S&P 500 almost erased a slide that topped 2% as Fed Governor Christopher Waller and Fed Bank of St. Louis President James Bullard said they would back a 75-basis-point hike in July after a hot inflation print. The tech-heavy Nasdaq 100 climbed amid gains in giants like Apple Inc. and Intel Corp.