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US stocks had little to work with yesterday following market closures on Monday due to Presidents’ Day. That did not stop the S&P 500 from edging to a new all-time high of 6,129 in the last few minutes of trading. The Dow and Nasdaq just about managed to close higher after spending much of the session in the red. For once, record highs in stock indices were not only limited to the US. Last Thursday the FTSE 100 also hit a fresh all-time high, a feat mirrored by the German DAX just yesterday. In Hong Kong, the Hang Seng Index climbed 1.6% yesterday before the daily close to come within 100 points of beating its own all-time high. The move came off the back of positive sentiment in China’s technology sector, with Tencent and Alibaba in particular displaying a decent amount of strength.
Not wanting to be left out of the action, gold also put in a solid performance yesterday, gaining the better part of $37 to reach $2,935 an ounce by the close. This morning the precious metal made a short-lived attempt to push higher still but has since retreated at the time of writing. In increasingly stark contrast, the display from the crypto markets has been completely lacklustre as Bitcoin continued to meander around $95k this week.
In the absence of much else going on, traders are patiently awaiting the latest FOMC minutes, set to be published much later in the day. No one is expecting a rate cut on the next meeting, set for the 19th of March, but market participants will still want to know what the Fed is thinking.
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