The three major indexes clinched record closes on Wednesday.
Stock futures edged higher Wednesday night after the three major averages closed at new records and the Federal Reserve concluded its latest policy meeting.slipped more than 12% after missing Wall Street's expectations on both lines for the final quarter of 2023 and posting weak guidance.to interest rates this year. The central bank kept borrowing costs unchanged at its two-day March policy meeting, which concluded Wednesday.
"We aren't surprised to see the initial reaction from investors to be to push stock prices up and expect that to continue until some new shock hits the system," he added."This Fed isn't going to stand in the way of the bull market."Looking ahead, traders will watch for data on jobless claims and existing home sales conditions due Thursday morning.
The pace of repurchases is also"tracking above the typical seasonal levels at this time" of year for a second straight week, the strategists wrote. So far in 2024, buybacks as a percentage of the entireBuybacks over the past 52 weeks as a percentage of total market value are the highest since August 2020, during the first Covid pandemic summer, according to BofA.With more than half of the trading week in the rearview mirror, the three major indexes are on track for gains.
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