US Dow rises more than 300 points

The US share market finished the session higher after recouping early losses on Tuesday, 19 March 2024, as investors braced for the decision of the Federal Reserves policy meeting due on Wednesday, with shares in financials, industrials, technology, and energy companies leading rally.

At closing bell, the Dow Jones Industrial Average index advanced by 320.33 points, or 0.83%, to 39,110.76. The S&P500 index added 29.09 points, or 0.56%, to 5,178.51. The tech-heavy Nasdaq Composite index grew 63.34 points, or 0.39%, to 16,166.79.

Total 9 of the 11 major S&P 500 sectors inclined, with energy sector being top performer, rising 1.08%, while communication services sector was bottom performer, falling 0.17%.

On the corporate front, shares of Unilever (UL) popped after the Ben & Jerry's maker said it would cut jobs and spin off its ice cream unit.

Nvidia shares climbed roughly 1.1% as investors evaluated the news from its first-ever GTC Conference. CEO Jensen Huang unveiled Nvidias latest artificial intelligence chip, labeled Blackwell, which he touted as a significantly more powerful successor to its chips that power a multitude of AI operations.

ECONOMIC NEWS: Report released by the Commerce Department showed housing starts spiked by 10.7% to an annual rate of 1.521 million in February after plunging by 12.3% to a revised rate of 1.374 million in January. The report also said building permits shot up by 1.9% to an annual rate of 1.518 million in February after dipping by 0.3% to a revised rate of 1.489 million in January.

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