Home industry banking-and-finance wall Street opens higher ahead of a pivotal week for central banks
Banking And Finance
CIO Bulletin
2024-03-19
U.S. stocks rose on Monday, rebounding from losses since October, with the S&P 500 and Nasdaq composite gaining, and the Dow Jones Industrial Average reaching a record high.
Prior to a busy week for central banks worldwide that could determine the direction of interest rates, U.S. stocks increased on Monday. Adding 32.33 points, or 0.6%, to 5,149.42, the S&P 500 rebounded from its first consecutive weekly losses since October. It was on course to beat the record closing high established last week at one point in the day. The Nasdaq composite gained 130.27, or 0.8%, to 16,103.45, while the Dow Jones Industrial Average increased by 75.66, or 0.2%, to 38,790.43.
This week's big event on Wall Street will probably be the Federal Reserve's interest rate meeting, which concludes on Wednesday. The central bank is expected by most to maintain its main interest rate at its highest level since 2001. However, the Fed will also provide revised projections for the direction that it believes interest rates will go this year and in the future. Three rate decreases this year were previously planned, which would lessen the strain on the financial sector and the economy.
Recent inflation reports have been lower than expected, potentially forcing the Fed to reduce its rate cuts this year. This could be disappointing for Wall Street, which has already surged due to hopes for lower rates. Treasury rates on the bond market have also decreased due to similar expectations, but have since pared losses due to rising inflation.
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