Wednesday 06 July 2022 - 11:36:45 pm

US stocks close higher amid recession fears

NEW YORK, 23rd June, 2022 (WAM) -- Wall Street's main indexes rose on Thursday as investors turned to consumer staples and healthcare companies to mitigate their risks if the economy falls into recession, Reuters reported.

Following the largest interest rate hike by the Federal Reserve in nearly three decades, investors fear economic growth and corporate profits could come under pressure, with the Ukraine war and the supply chain problems adding to the woes.

Big Wall Street banks including Citigroup and Goldman Sachs now see a bigger chance of a recession. Healthcare, consumer staples, real estate and utilities - sectors considered as safer bets within equities - rose more than 1% each.

WAM/Hatem Mohamed