Wall Street makes new highs after Powell comments

American indices made new highs Wednesday after U.S. Fed Chair Jerome Powell delivered his latest comments about interest rates and inflation. Powell affirmed three rate cuts later this year, despite sticky inflation to start 2024. Powell added that the Fed foresees fewer rate cuts in 2025. Wall Street embraced his words, sending the S&P to a record close of 5,224, the Nasdaq to 16,364 and the Dow to 39,517. The indices gained roughly 1%, with the Nasdaq rallying the most at 1.22%. The U.S. 10-year yield edged down to 4.283%.

Major movers included Paramount Global up 11.8%, Ford 4.88%, Carnival 4.63%, Royal Caribbean 4.73% and United Airlines 4.71%. Bitcoin jumped about 9% to $67,400.

The TSX nearly made its own high after climbing 0.79% past 22,000. It was the second-straight day of gains after February’s inflation number came in at 2.8% instead of the expected 3.1%. Only two sectors including staples lost ground, while materials, industrials, financials and discretionary led the gainers. Key names included Canfor up 5.97%, Interfor 6.19%, Silvercrest Metals at 6.41% and Fortuna Silver Mines 6.98%. However, Boyd Group slid 8.54% after reporting earnings. Lost amid the stock rally was gold, which rose 1.25% to all-time highs of $2,188. Meanwhile, WTI slid 2.15$ to $81.70.

🎞 Paramount Global (PARA-Q) +11.08%

🚘 Ford Motor (F-N) +4.88%

🚢 Carnival Corp. (CCL-N) +4.63%

🚢 Royal Caribbean Cruises (RCL-N) +4.73%

🛫 United Airlines Holdings (UAL-Q) +4.71%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +9%

🌲 Canfor Corp (CFP-T) +5.97%

🌲 Interfor Corp (IFP-T) +6.19%

⛏ SilverCrest Metals Inc (SIL-T) +6.41%

⛏ Fortuna Silver Mines (FVI-T) +6.98%

🛍 Boyd Group Services Inc. (BYD-T) -8.54%