U.S. stocks finished higher on Wednesday as investors waited on an update on inflation due Friday that could help inform how many more rate hikes to expect from the Federal Reserve.The S&P 500 index SPX rose about 56 points, or 1.4%, ending near 4,027, according to preliminary FactSet data, the highest close since March 6. That was only days before the collapse of Silicon Valley Bank put a spotlight on risks in the U.S. banking system after the Fed’s yearlong stretch of quick rate hikes. The Dow Jones Industrial Average DJIA rose 1% and the Nasdaq Composite Index COMP closed 1.8% higher. The S&P 500’s information technology segment led daily gains for the index, ending up 2.1%, while its financials sector rose 1.5%, according to FactSet. Treasury yields largely were in a holding pattern ahead of Friday’s reading of the Personal Consumption Expenditures Price Index, which came in at 5.4% in January, off peak levels but still well above the Fed’s 2% target.
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