Financial World News Update: U.S. Stocks Hit New Highs, Federal Reserve Keeps Interest Rates Unchanged
On March 21, U.S. stocks across the board hit new closing highs, with the Dow rising over 400 points, the S&P up by 0.87%, and the Nasdaq climbing over 200 points. The Federal Reserve kept the federal funds rate target range unchanged at 5.25% to 5.5%, with Powell indicating that a peak in policy interest rates may have been reached and that monetary policy could be loosened at some point this year.
Tech stocks and Chinese concept stocks saw gains, with companies like Tesla, Apple, Nvidia, and Amazon all rising. Astera Labs, a AI infrastructure unicorn, soared over 72% on its first day of US IPO. However, not all companies saw positive movements, with Huiyue Finance ADR falling over 21% on its first day.
Gold prices remained steady, while crude oil futures saw declines. Most Chinese concept stocks saw gains, with Canaan Technology rising over 25% and Bit Mining up by more than 18%. However, Pinduoduo closed down by over 3%.
Barclays is reportedly preparing to cut hundreds of jobs at its investment banking unit, while Citigroup is also planning job cuts in its London investment banking division. Additionally, Goldman Sachs’ chief economist predicts a potential interest rate cut by the Federal Reserve in June, and the ECB Executive Member Schnabel suggests that the euro area may face a turning point.
The financial community warns that the content and data in this article do not constitute investment advice and are for reference only. Investors are advised to be cautious when navigating the stock market due to its inherent risks.