U.S. stocks traded higher toward the end of trading, following the Federal Reserve’s decision to leave rates unchanged.
The Dow soared 0.91% to 39,467.76, while the NASDAQ climbed 1.08% to 16,341.42. The S&P 500 also experienced gains, rising 0.78% to 5,218.70.
Sector Movement
Consumer discretionary shares saw a 1.3% increase on Wednesday, whereas health care shares dipped by 0.4%.
Top Headline
The Federal Reserve chose to maintain interest rates, affirming its commitment to reducing the cost of money in the upcoming months. This move was widely anticipated by investors.
Notable Stock Movements
ETAO International Co., Ltd. ETAO saw a remarkable 87% surge to $0.2670 after a reverse stock split announcement.
Shares of XTL Biopharmaceuticals Ltd. XTLB surged by 90% to $1.96 following the news of acquiring The Social Proxy.
TruGolf Holdings, Inc. TRUG also experienced an increase, with shares jumping 48% to $1.70 after announcing an expanded AI technology licensing agreement with mlSpatial.
Stocks on the Decline
Lifecore Biomedical, Inc. LFCR witnessed a 32% drop to $4.9050 following strategic evaluations and management changes.
Shares of Aquestive Therapeutics, Inc. AQST declined by 16% to $4.47 after announcing a $75 million underwritten public offering.
Signet Jewelers Limited SIG fell 10% to $92.17 due to disappointing fourth-quarter sales and weak FY25 guidance.
Commodity Update
Oil prices dropped 2% to $81.84, while gold prices rose by 1.3% to $2,187.90. Silver climbed by 2.6% to $25.80, and copper also saw an uptick to $4.0890.
Euro Zone Market Overview
European markets displayed a mixed performance, with the STOXX 600 slipping by 0.05%, the UK’s FTSE 100 down by 0.01%, and Spain’s IBEX 35 Index rising 0.48%. Germany’s DAX and Italy’s FTSE MIB Index saw increases of 0.15% and 0.09%, respectively.
In Italy, industrial production declined by 1.2% in January, contrasting with the December surge. Meanwhile, Germany experienced a 4.1% decrease in producer prices year-over-year in February.
The UK noted a 0.4% year-over-year increase in producer prices for February, while inflation rates eased to 3.4% in the same period.
Asia Pacific Markets Update
Asian markets closed positively on Wednesday, with the Hang Seng Index in Hong Kong rising by 0.08%, the Shanghai Composite Index in China gaining 0.55%, and India’s S&P BSE Sensex up by 0.1%. The People’s Bank of China maintained benchmark lending rates.
Economic Indicators
Mortgage applications in the US declined by 1.6% in the week ending March 15. Additionally, US crude oil inventories fell by 1.952 million barrels in the week, contrary to the expected gain.
The Federal Reserve’s decision to keep rates steady between 5.25% and 5.5% at the March meeting was part of broader economic monitoring.
