Stock Market News: Stocks Reach Record Highs as Investors Cheer Federal Reserve Updates

Stay updated on Wall Street's latest surge, Federal Reserve decisions, and global market trends. Follow the stock market rally today!

Mar 21, 2024 - 09:58
Mar 21, 2024 - 09:59
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Stock Market News: Stocks Reach Record Highs as Investors Cheer Federal Reserve Updates
Stock Market News Live: Stocks Reach Record Highs as Investors Cheer Federal Reserve Updates

Stocks on Wall Street surged to new heights on Thursday, building on their previous record-breaking performance. Investors breathed a sigh of relief as the Federal Reserve hinted at delaying rate cuts without slowing them down too much.

The S&P 500 index climbed by 0.5%, breaking past the 5,200 mark, while the Dow Jones Industrial Average edged up by 0.2%. The Nasdaq Composite saw the most significant jump, rising by 0.9%.

Investors were reassured by the Fed's decision to stick with its plan for three rate cuts in 2024, despite concerns about inflation lingering. This confidence boost propelled stock indexes to reach unprecedented levels.

The positive vibes spread globally, with many international stock markets also experiencing notable gains. Fed Chair Jerome Powell's calm demeanor regarding inflation and the release of "dot plot" forecasts added to the market's optimism. Additionally, the price of gold surged to over $2,200 an ounce.

Looking ahead, investors will likely keep an eye on other factors driving the market, anticipating the next Fed policy meeting in May. Although tech stocks are benefiting from expectations of AI growth, there are signs of a broader rally in market sentiment.

In a surprising move, the Swiss National Bank lowered interest rates on Thursday, becoming the first major central bank to do so. This unexpected decision boosted confidence in leading economies and suggested that the tightening phase may have peaked.

Meanwhile, Reddit is gearing up for its NYSE debut on Thursday, pricing its initial public offering (IPO) at the upper end of expectations, valuing the company at $6.4 billion.

In other notable news, shares of Micron surged by over 18% after the memory chip maker provided a strong revenue forecast for the current quarter, driven by increasing demand for its AI hardware.

Stocks kick off the day higher fueled by Fed optimism, Reddit's IPO in focus

On Thursday, stocks opened with gains, building on Wednesday's momentum, driven by the Federal Reserve's indication of potential interest rate cuts this year.

The S&P 500 (^GSPC) surged by 0.5%, confidently surpassing the 5,200 mark. Meanwhile, the Dow Jones Industrial Average (^DJI) edged up by 0.2%, and the tech-heavy Nasdaq 100 (^IXIC) climbed by 0.9%.

All eyes are on Reddit's IPO launch today, with investors eagerly awaiting its debut. Priced at $34 per share, the social media giant is valued at approximately $6.4 billion.

Reddit's entry into the New York Stock Exchange is highly anticipated, marking a significant event in the wake of a slowdown in public offerings over the last couple of years. It notably becomes the first major social media company to go public in half a decade.

Also Read: Reddit's IPO Hits the Market at $34 per Share, Sparking Excitement

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