Benzinga
Published Mar 21, 2024 10:54
Updated Mar 21, 2024 12:10
Asia and Europe Markets Gain, Gold Surges To Record High Crossing $2,200 - Global Markets Today While US Slept
Benzinga - by Akanksha Bakshi, Benzinga Editor.
On Wednesday, March 20th, U.S. stock markets closed with gains following the Federal Reserve’s announcement to keep borrowing costs stable while suggesting the possibility of up to three interest rate reductions this year, soothing investor worries.
In economic data, the Fed maintained interest rates at 5.25-5.5% for March, as expected, while indicating forthcoming rate cuts. U.S. crude oil stocks unexpectedly fell by 1.952 million barrels last week, contrary to predictions of a minor rise.
Related: Fed Chair Powell Opens Door To Rate Cuts This Year, Downplays Recent Inflation Upticks: S&P 500 Rises To All-Time Highs
Most S&P 500 sectors gained, led by an increase in consumer discretionary stocks, though healthcare and energy sectors declined, with nine of eleven major sectors advancing.
The Dow Jones Industrial Average gained 1.03% to close at 39,512.13. The S&P 500 was up 0.89%, ending the day at 5,224.62, and the Nasdaq Composite rose 1.25%, finishing the session at 16,369.41.
Asian Markets Today
Dow futures were up 0.25%, S&P 500 futures climbed 0.35%, and Nasdaq 100 Futures rose 0.70%.
Forex at 06:30 AM ET
The U.S. Dollar Index fell 0.42% to 103.41, USD/JPY was down 0.20% to 150.95, and USD/AUD slid 0.41% to 1.5121.
Image: Steve Bidmead from Pixabay
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