It was a strong day for markets across the board. All sectors of the S&P 500 closed higher, with energy and financials in the lead.
Stocks rose on Tuesday, but sentiment on Wall Street was dampened by lingering fears that the economy is slowing down.
Bank shares outperformed as the SPDR S&P Bank ETF gained more than 2 percent. Citigroup, Bank of America, Goldman Sachs, Morgan Stanley and J.P. Morgan Chase all rose more than 1 percent. The yield curve inverted amid the release of weak economic data from the U.S. and around the world as well as a downgraded U.S. economic outlook from the Federal Reserve.
Housing starts fell 8.7 percent in February, widely missing expectations. Building permits declined, but at a slower rate than forecast by economists. Consumer confidence declined in March to 124.1 from 131.4 in February, according to data from The Conference Board.
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