2024-03-18 14:56:44
The Dow Jones Index continued to rise. Most recently, it jumped more than 100 points as investors keep an eye on the Federal Reserve’s (Fed) monetary policy meeting this week.
As of 9:15 p.m. Thai time, the Dow Jones Industrial Average was at 38,844.08 points, plus 129.31 points or 0.33%.
The Nasdaq index rose 1.5%, supported by gains in technology stocks, led by Nvidia.
Investors put almost 100% of their weight on the prediction that The Fed will hold interest rates steady at this week’s FOMC monetary policy meeting.
CME Group’s latest FedWatch Tool indicates that investors are 99.0% positive that the Fed will maintain interest rates at 5.25-5.50% at its March 19-20 meeting.
In addition, investors expect the Fed to maintain interest rates at 5.25-5.50% in the April 30-May 1 meeting before cutting interest rates by 0.25% to 5.00-5.25%. Meeting on 11-12 June.
Investors will be keeping an eye on Fed Chairman Jerome Powell’s statement at this week’s Fed meeting. Including the forecast of the policy interest rate (Dot Plot) of Fed officials. To find signs indicating the Fed’s first interest rate cut this year.
In a statement to Congress earlier this month Powell signaled the Fed will begin cutting interest rates this year. The Fed does not yet have a clear time frame for such action.
UBS analyst Vincent Heaney said the fundamentals of the US stock market remain strong.
Heaney also expects the S&P 500 index to close this year slightly higher. After continuously rising to record highs This was supported by a surge in stocks in the artificial intelligence (AI) technology sector.
“Reducing interest rates economic expansion and the performance of private companies will be a positive factor for the stock market this year.”
“Expect quality companies with strong balance sheets, high profits and resilient operating results. will adjust brightly Especially if the economy slows down,” Heaney said.
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