US stock markets advanced on Thursday, led by Nasdaq as chip stocks rallied.
The market was buoyed by the expectations of three rate cuts in the year ahead.
At 09:46 a.m. ET, the Dow Jones Industrial Average was up 225.19 points, or 0.57 per cent, at 39,737.32, the S&P 500 was up 30.41 points, or 0.58 per cent, at 5,255.03, and the Nasdaq Composite was up 144.71 points, or 0.88 per cent, at 16,514.12.
At the opening bell, the Dow Jones Industrial Average rose 148.90 points, or 0.38 per cent, to 39,661.03. The S&P 500 opened higher by 28.81 points, or 0.55 per cent, at 5,253.43, while the Nasdaq Composite gained 147.83 points, or 0.90 per cent, to 16,517.24.
On Wednesday, the Federal Reserve kept its interest rates steady.
It also said that it sees three rate cuts to the US borrowing costs in 2024.
Shares of Micron Technology jumped 14.0 per cent to a record high after the chipmaker reported a surprise quarterly profit.
Nvidia and Intel rose 1 per cent each, Broadcom jumped 5.7 per cent.
Apple declined 1.2 per cent on a report that it will be sued by the US Department of Justice for allegedly violating antitrust laws.
European share markets largely rose on Thursday, following the US Federal Reserve’s latest monetary policy.
Britain’s FTSE 100 rose 0.9 per cent at 7,809.74 points. France’s CAC 40 edged down 0.2 per cent at 8,144.72. Germany’s DAX added 0.2 per cent at 18,058.83.
Euro Stoxx 50 gained 0.4 per cent at 5,021.84.
In Asia, Hong Kong’s Hang Seng index climbed 1.9 per cent at 16,863.10. China’s Shanghai Composite fell 0.1 per cent at 3,077.11.
Japan’s Nikkei 225 soared 2.0 per cent at 40,815.66.
Crude oil prices were mostly flat on Thursday. Brent crude futures for May were down 31 cents, or 0.4 per cent, to $85.64 a barrel by 1213 GMT. US West Texas Intermediate futures for May were down 30 cents, or 0.4 per cent, to $80.97 a barrel.
Gold prices hit a fresh record of $2,220 an ounce as rate cut expectations weighed.
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Published: 21 Mar 2024, 07:13 PM IST