Business
ASX to jump as Wall Street surges to best day since June – Sydney Morning Herald
Stocks are rising across the board on Wall Street kicked off March with a broad rally, with the S&P 500 recording its best day in nine months.
Higher interest rates can slow the economy and discourage borrowing, so Wall Street gets jittery when theres a big surge in rates.
It moved really fast, the interest rate rise, and now its sort of levelling out so people are relieved that its not continuing to move up at a really fast pace, said Tom Martin, senior portfolio manager with Globalt Investments.
The S&P 500 rose its biggest single-day gain since June 5. The Dow gained 2 per cent and the tech-heavy Nasdaq climbed 3 per cent.
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