NEW YORK (Sputnik) – Wall Street’s two key stock barometers – the Dow Jones Industrial Average and the S&P500 – extended their record highs on Monday on optimism that the Federal Reserve’s March meeting due to take place this week would result in friendly measures for the market.
The Dow, the broadest indicator on the New York Stock Exchange, hit record highs for a sixth day running, peaking at 32,973 before settling at 32,953, up 0.5 percent on the day. Last week, the Dow rose 4.1 percent for its biggest weekly gain since the first week of November.
The technology-laden Nasdaq Composite index closed up 1.1 percent at 13,460, hitting a two-week high.
The Federal Reserve is expected to leave US interest rates unchanged again, at near zero, as it has over the past year since the outbreak of the coronavirus pandemic. But expectations are also high that Powell will express some concern at least over this year’s stunning selloff in Treasury markets, which has consistently led the yield on the 10-year Treasury note to hit pre-pandemic highs above 1.6 percent over the past month, the latest being on Friday.
Surging bond yields have been an anathema to stocks, forcing sharp selloffs on Wall Street since the start of the year.