The Artificial Intelligence (AI)-fueled rally and optimism around the Fed’s rate cuts sent Wall Street to all-time highs this month.
The New York Stock Exchange, Wall Street, slight mark upload this Thursday March 28, on a day of few operations before the Easter holidays. So, while investors waited for data to gauge the direction of the Federal Reserve’s monetary policy on the last business day of a strong first quarter, the three main US indices were headed for strong quarterly gains.
This responds to artificial intelligence (AI)-driven rebound and that optimism around the Fed’s rate cuts helped lift Wall Street to record highs this month.
In that context, the Dow Jones index It advances slightly in the first operations and remains on track to cross the 40,000 point barrier for the first time: the Industrial Average Dow Jones rises 25.28 points, or 0.06%, to 39,785.36 units; he S&P 500 gains 6.02 pointsor 0.11%, to 5,254.51 units, and the Nasdaq Composite adds 10.75 pointsor 0.07%, to 16,410.27.
Most mega-cap growth stocks decline, weighing on the Nasdaq, and chipmaker Nvidia is looking for direction after falling more than 2% in each of the last two sessions. The AI winner adds an increase of more than 80% this quarter.
The signs of the US economy
“The stock market performed extremely well during the first quarter of 2024, and as long as earnings remain strong, the market can continue to rise,” said Jeremy Straub, CEO and chief investment officer of Coastal Wealth.
Data from Thursday showed that The US economy grew faster than estimated in the fourth quarter, while initial claims for state unemployment benefits fell by 2,000 to a seasonally adjusted level of 210,000 in the week ended March 23.
Looking ahead to the long weekend, attention will also focus on the Personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, to be released on Good Friday, when the US stock market will remain closed.
On the eve, Fed Governor Christopher Waller said recent disappointing inflation data confirms the need for the central bank to refrain from cutting its short-term interest rate.but did not rule out the possibility of lowering them later this year.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
