Here are the most important news items that investors need to start their trading day:
1. Three records
The three major averages all rallied Wednesday to hit all-time closing records. The Dow Jones Industrial Average surged 401.37 points, or slightly more than 1%, to close at 39,512.13, while the Nasdaq Composite rose 1.25% to settle at 16,369.41. The S&P 500 closed above 5,200 for the first time, ending the day up 0.89% at 5,224.62. The rallies came after the Federal Reserve interest left rates unchanged, but investors were encouraged by the Fed’s projections for the rest of the year (more on that below). Follow live market updates.
2. Holding steady
US Federal Reserve Chairman Jerome Powell speaks during a press conference at the end of the two-day Federal Open Market Committee (FOMC) meeting at the Federal Reserve in Washington, DC, on March 20, 2024.
Mandel Ngan | AFP | Getty Images
The Federal Reserve on Wednesday held interest rates at a 23-year high, as expected. The rate-setting Federal Open Market Committee said it will keep its benchmark overnight borrowing rate in a range between 5.25%-5.5%, where it has been since July. But the central bank also signaled in the closely watched “dot plot” that it still foresees three cuts occurring in 2024. Investors had been worried that a series of hot inflation reports could result in even fewer cuts than anticipated. During a news conference, Fed Chair Jerome Powell noted that a strong jobs market wouldn’t deter the central bank from reducing rates.
3. Are you Reddit for it?
A laptop keyboard and Reddit logo displayed on a phone screen are seen in this illustration photo taken in Krakow, Poland on February 22, 2024.
Jakub Porzycki | Nurphoto | Getty Images
Reddit priced its initial public offering Wednesday at $34 a share, valuing the company at close to $6.5 billion, near the top of the expected range. The social media company will debut Thursday under the ticker “RDDT.” It’s the first major social media name to go…
Read the full article here
