U.S. stocks were higher in afternoon trading on Wednesday, with the Nasdaq and S&P 500 up more than 1% each as upbeat outlooks from Micron Technology and other companies eased some worries about the economy.
The banking turmoil, which started earlier in March with the collapse of Silicon Valley Bank, caused a swift selloff in the sector shares and fueled jitters about the strength of the economy.Personal Consumption Expenditures data on Friday is the next key U.S. economic report.
Fed funds futures traders are now pricing in a 47% chance of a 25 basis points increase in May, after seeing it as a long shot late last week., Wall Street's fear gauge, fell to its lowest since March 9, reflecting easing investor anxiety. Advancing issues outnumbered declining ones on the NYSE by a 3.47-to-1 ratio; on Nasdaq, a 1.84-to-1 ratio favored advancers.
The S&P 500 posted 9 new 52-week highs and no new lows; the Nasdaq Composite recorded 57 new highs and 113 new lows. Reportign by Caroline Valetkevitch; additional reporting by Amruta Khandekar and Ankika Biswas; Editing by Dhanya Ann Thoppil and Vinay Dwivedi, and Aurora Ellis
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