Stock Market Update Wednesday March 20, 2024
The Federal Reserve's continued anticipation of three rate cuts this year, despite its upward revisions to 2024 inflation and GDP forecasts, catalyzed the latest surge in stocks. The S&P 500 jumped nearly 1%, while the Nasdaq 100 enjoyed a 1.2% advance.
Away From Stocks: Short-term Treasuries also rallied, with the two-year note settling at 4.59% from 4.68% on Tuesday, while the long bond edged higher to 4.45%. Gold pushed to $2,187 per ounce, up 1.3% on the day, as WTI crude retreated below $82 a barrel. Bitcoin rebounded above $66,000, and the VIX tumbled to 13.
SPY ETF 10 Minute Intraday Chart
THIS PORTION OF THE REPORT IS SOLELY TO PREMIUM MEMBERS OF ALGOTRADEALERT