U.S. stocks traded higher toward the end of trading, following the announcement from the Federal Reserve maintaining current interest rates.
The Dow soared 0.91% to 39,467.76, while the NASDAQ saw a 1.08% increase to 16,341.42. The S&P 500 also experienced a rise, climbing 0.78% to 5,218.70.
Sector Movements
Consumer discretionary shares enjoyed a 1.3% increase, while health care shares dipped by 0.4%.
Key Market Highlights
The Federal Reserve’s decision to maintain interest rates within the range of between 5.25% and 5.5% came as no surprise to investors, affirming the central bank’s commitment to adjusting the cost of money in the upcoming months.
Stocks on the Rise
ETAO International Co., Ltd. saw an impressive 87% surge to $0.2670 following a reverse stock split announcement.
Shares of XTL Biopharmaceuticals Ltd. spiked 90% to $1.96 after revealing plans to acquire The Social Proxy.
TruGolf Holdings, Inc. also experienced growth, with shares rising by 48% to $1.70 after expanding AI technology licensing through an agreement with mlSpatial.
Stocks on the Decline
Lifecore Biomedical, Inc. shares tumbled 32% to $4.9050 after the conclusion of a strategic evaluation process, along with management succession and board changes.
Shares of Aquestive Therapeutics, Inc. decreased by 16% to $4.47 as a result of pricing a $75 million underwritten public offering of 16,666,667 common shares at $4.50 per share.
Signet Jewelers Limited also experienced a decline, falling 10% to $92.17 following disappointing fourth-quarter sales and weak guidance for FY25.
Commodity Update
Oil prices decreased by 2% to $81.84, while gold prices rose by 1.3% to $2,187.90.
Silver prices were up by 2.6% to $25.80, with copper prices increasing by 0.4% to $4.0890.
European Market Overview
European markets closed with mixed results. The STOXX 600 in the eurozone fell by 0.05%, while London’s FTSE 100 slipped 0.01%. Spain’s IBEX 35 Index rose by 0.48%, the German DAX increased by 0.15%, the French CAC 40 fell by 0.48%, and Italy’s FTSE MIB Index gained 0.09%.
In economic news, Italy saw a decline of 1.2% in industrial production month-over-month in January, and producer prices in Germany dropped by 4.1% year-over-year in February. The UK experienced a 0.4% increase in producer prices year-over-year in February, with the inflation rate easing to 3.4% year-over-year in the same month.
Asia Pacific Market Update
Asian markets closed higher, with Hong Kong’s Hang Seng Index rising by 0.08%, China’s Shanghai Composite Index gaining 0.55%, and India’s S&P BSE Sensex increasing by 0.1%.
The People’s Bank of China opted to maintain benchmark lending rates at the recent fixing.
Economic Indicators
U.S. mortgage applications saw a 1.6% decline for the week ending March 15.
U.S. crude oil inventories dropped by 1.952 million barrels in the week ended March 15, contrary to market estimates of a 0.013 million gain.
The Federal Reserve maintained its interest rates between 5.25% and 5.5% at its March meeting.
Now Read This: Netflix To Rally Around 14%? Here Are 10 Top Analyst Forecasts For Wednesday