McDonald’s, Home Depot and Goldman Sachs paced 25 of the Dow’s 30 components higher. The S&P 500 and the Nasdaq Composite also each advanced.
The focus however has shifted firmly to the Federal Reserve policy meeting. Policymakers are set to issue a statement at 5am AEDT on Thursday, along with updated economic projections. “We currently have the first rate cut occurring in May but if the meeting plays out as we anticipate, the Fed will likely wait until June,” Oxford Economics said. Most other economists have already pushed back until at least June.Santander chief US economist Stephen Stanley said the key economic projections to watch tomorrow are for 2024. “At this point, the 2025 and 2026 estimates are basically going to converge to the Fed’s assessed long-run values.