Thursday, 3 March 2016

Wall Street rises late

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Energy and bank stocks led Wall Street higher on Wednesday, adding to a rally in the previous session, after strong jobs data dispelled concerns over the health of the US economy. Concern lingered that the US economy was on a weaker footing than thought, but recent data including a better-than-expected reading on private sector job creation last month has helped dispel those worries and given equities support. 

The improvement in US economic data, including manufacturing, construction spending and auto sales earlier this week, rekindled expectations that the Federal Reserve could raise rates at least once later this year, giving a boost to bank shares.

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