All three of Wall Street's major indexes advanced 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.
"People have gotten more comfortable with the fact rates are going higher. This has been talked about ad nauseum by Chairman Powell since early December," he said. "The fact there were no significant negative surprises in the Fed's plans coming out of the meeting, and Powell's commentary, gave people a sense that maybe we've seen as bad as it's going to get in the near term.
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