Page 30 - Michael Gapen News Today

Stock market today: Wall Street rises, and S&P 500 hits highest level in more than a year | 2023-06-13 06:11:13

Wall Street closed higher ahead of a big week for central banks, carrying the S&P 500 to its highest level in more than a year. The benchmark index rose 0.9%

Asian stock markets are mostly higher ahead of a U.S. inflation update and a Federal Reserve decision on another possible interest rate hike. Shanghai declined while Tokyo and Hong Kong

The US economy is generally resilient but will face a mild recession later this year, Bank of America's chief economist Michael Gapen has said.

Bank of America recession outlook. Spencer Platt/Getty Images The US economy is currently resilient but will face a mild recession, Bank of America's Michael…

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The government report also showed that consumers remained buoyant despite the rising prices.

The probability of a rate rise at the June 13-14 US central bank policy meeting has rebounded to more than 50 per cent from zero earlier this month.

An agreement on the debt ceiling doesn't mean a smooth path to passage.

The PCE index, which the Fed closely monitors, showed prices rose 0.4% from March to April. Spending jumped 0.8%, the biggest increase since January.