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Reuters
US STOCKS-Wall Street closes higher; worries ease around Fed, Russian default
March 17 (Reuters) - All three of Wall Street's major indexes closed higher up more than 1% on Thursday as investors considered the Federal Reserve's path for interest rate hikes and worries eased about the prospects of a Russian default after creditors received payments.
Investors were reassured that Russia may, at least for now, have averted what would have been its first external bond default in a century. This was because creditors received payment, in dollars, of Russian bond coupons which fell due this week, two market sources told Reuters on Thursday.
This added to risk appetites in a market that was benefitting from some bargain hunting.
The Fed had raised interest rates by a quarter of a percentage point on Wednesday as expected and forecast an aggressive plan for further hikes while policymakers also trimmed economic growth projections for the year.
The Russian payment news and a breaking of technical decline lines "to the upside" in indices, including the S&P and the Nasdaq, all boosted stocks, according to Michael James, managing director of equity trading at Wedbush Securities.
