US Wall Street hits fresh highs

The US share market climbed to fresh records on Thursday, 21 March 2024, adding to Wednesday's gains, in the wake of the Federal Reserve's decision to keep interest rates unchanged and the prospects for three rate cuts this year.

The unrevised rate cut forecast is seen as bullish for stocks, as some investors had been worried recent hotter-than-expected inflation data could lead Fed officials to reconsider lowering rates.

At closing bell, the Dow Jones Industrial Average index advanced by 269.24 points, or 0.68%, to 39,781.37. The S&P500 index added 16.91 points, or 0.32%, to 5,241.53. The tech-heavy Nasdaq Composite index grew 32.43 points, or 0.2%, to 16,401.84.

 

Total 9 of the 11 major S&P 500 sectors inclined, with industrials sector being top performer, rising 1%, while utilities sector was bottom performer, falling 0.21%.

ECONOMIC NEWS: The US Labor Department released a report unexpectedly showing initial jobless claims edged down to 210,000, a decrease of 2,000 from the previous week's revised level of 212,000.

The National Association of Realtors also released on report showing existing home sale index spiked by 9.5% to an annual rate of 4.38 million in February after jumping by 3.1% to a rate of 4.00 million in January.

Powered by Capital Market - Live News