2 min read 07 Mar 2024, 08:55 PM IST Join us
At 9:32 a.m. ET, the Dow Jones was up 0.57 per cent, the S&P 500 added 0.63 per cent, the Nasdaq Composite was up 0.70 per cent
US stock indices gained on Thursday ahead of more comments from Federal Reserve chair Jerome Powell.
At 9:32 a.m. ET, the Dow Jones Industrial Average was up 219.73 points, or 0.57 per cent, at 38,880.78, the S&P 500 was up 32.08 points, or 0.63 per cent, at 5,136.84, and the Nasdaq Composite was up 111.59 points, or 0.70 per cent, at 16,143.14.
On Wednesday, Powell said the Federal Reserve expects to cut interest rate later this year.
“If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year,” Powell said in remarks. “But the economic outlook is uncertain, and ongoing progress toward our 2% inflation objective is not assured,” he said.
At the opening bell, the Dow Jones Industrial Average rose 123.25 points, or 0.32 per cent, to 38,784.30. The S&P 500 opened higher by 27.62 points, or 0.54 per cent, at 5,132.38, while the Nasdaq Composite gained 115.78 points, or 0.72 per cent, to 16,147.32.
Shares of Nvidia rose 1.4 per cent, Micron Technology gained 2.3 per cent, American Eagle Outfitters soared 9.5 per cent, Kroger rose 6.7 per cent, and New York Community Bancorp was 12.4 per cent higher.
The yield on the 10-year Treasury dipped to 4.08 per cent from 4.11 per cent late on Wednesday.
In Europe, Britain’s FTSE 100 edged down 0.3 per cent at 7,659.67 points. France’s CAC 40 rose 0.1 per cent at 7,958.42. Germany’s DAX was flat at 17,716.12.
Euro Stoxx 50 added 0.3 per cent at 4,931.22.
In Asian stock markets, Hong Kong’s Hang Seng Index edged lower 1.3 per cent at 16,229.78. China’s Shanghai Composite lost 0.4 per cent at 3,027.40. Japan’s Nikkei 225 fell 1.2 per cent at 39,598.71.
Gold prices extended gains to hit an all-time high on Thursday after comments from Federal Reserve chair Jerome Powell fostered hopes for lower interest rates this year.
Spot gold gained 0.4 per cent to $2,157.51 per ounce, as of 1003 GMT. US gold futures rose 0.3 per cent to $2,165.20.
Oil prices fell on Thursday after Powell remarks.
Brent crude futures slipped 42 cents or 0.5 per cent to $82.54 a barrel by 1010 GMT, while US West Texas Intermediate crude futures inched down 36 cents or 0.4 per cent to $78.77 a barrel.
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Published: 07 Mar 2024, 08:16 PM IST
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