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FOMC decided to not change rates: when will they come down?
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AU Morning Wrap: Australia Shares Lift; Gold Reaches Record High

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Moomoo News AU joined discussion · Mar 21, 2024 07:39
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street climbed all-time highs
• Australia shares lift; Gold reaches record high
• Stocks to watch: Washington H Soul Pattinson, Brickworks, Sigma Healthcare, Electro Optic Systems
AU Morning Wrap: Australia Shares Lift; Gold Reaches Record High
Wall Street Summary
Markets climbed Wednesday after the FOMC rate decision, which went as planned: no changes were announced for the Federal Funds Target Rate of 5.25-5.5%.
With preliminary closing figures, all three major indexes were on track to close at all-time highs. The $S&P 500 Index (.SPX.US)$ climbed 0.89% to 5,224, an all-time intraday and closing high. The $Dow Jones Industrial Average (.DJI.US)$ climbed 1.03% to 39,511, an all-time closing high, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.25% to 16,369, on track to a closing high.
AU Market Watch
In early trade, Australian shares rose by 0.6% following gains on Wall Street after Federal Reserve policymakers indicated that they anticipate three interest rate cuts this year.
Meanwhile, gold prices reached a new high of $2224 per ounce, as traders anticipate lower returns on cash. This boosted local gold miners, with $Northern Star Resources Ltd (NST.AU)$ and $Evolution Mining Ltd (EVN.AU)$ gaining 3.4% and 4.4%, respectively.
Additionally, Australian economic data expected to be released today is predicted to show that around 50,000 jobs were added last month, indicating a recovery from the weak figures in January, and the jobless rate is anticipated to remain stable at 4.1%.
Stocks to Watch
$Washington H Soul Pattinson & Co Ltd (SOL.AU)$ increased its dividend by 11%, but its profits fell due to lower coal prices and property values impacting some of its major investments.
$Brickworks Ltd (BKW.AU)$ reported a loss after devaluing its property holdings.
$Sigma Healthcare Ltd (SIG.AU)$ reported a 9% increase in same-store sales for its pharmacies during the fiscal year ending on January 31st.
$Electro Optic Systems Hldgs Ltd (EOS.AU)$, a popular defense stock, plans to raise $40 million in equity. The company's shares have surged by 100% this year and an impressive 362% over the last 12 months.
Dividends Paid: None
Listing: None
Economic Calendar (AEDT):
11:30 am: Australia Unemployment Rate (Feb)
11:00 pm: Bank of England Rate Decision
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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