On Wednesday, 20th March 2024, the three major U.S. indices soared to record all-time closing highs after the Federal Reserve decided to maintain rates and kept its ‘expectations’ for three rate cuts by the end of 2024.
The Dow Jones Industrial Average surged 401.37 points to close at 39,512. The S&P 500 finished at 5224, breaching the 5200 level for the first time. The Nasdaq Composite climbed 1.25% to end at 16369.
Federal Reserve
The Federal Reserve kept rates steady but announced plans for three reductions before the year’s end, echoing its previous projection from December 2023. However, the central bank noted that it requires more substantial evidence of inflation subsiding before commencing any interest rate cuts.
Futures continued their historic ascent into Thursday21st March 2024.
Thank you Fed.