Thursday,
March 21, 2024
Market recap
Dow Jones
39,512.13
+401.37 (+1.03%)
S&P 500
5,224.62
+46.11 (+0.89%)
Nasdaq
16,369.41
+202.62 (+1.25%)
Top Story
What happens when workers have more salary transparency?
The number of companies sharing salary information in job listings is up 15% in the past year. For workers this can be empowering, and for companies… it can be more difficult.
US stocks finished at record highs on Wednesday following the Fed’s policy update
• The Dow, the S&P 500, and the Nasdaq Composite all soared to all-time highs.
• Elsewhere, the 30-year mortgage rate increased for the first time in four weeks to 6.97%, and mortgage applications only declined 1.6%.
What to be on the lookout for today
• Monthly updates to the manufacturing and services sectors. We’ll also get weekly unemployment claims.
• In earnings, Accenture, Olive Garden-parent Darden Restaurants, FedEx, Lululemon, and Nike will report.
Rate cut excitement takes the market
Looking at Wednesday’s market reaction to the Federal Reserve’s latest policy update, you might think they already cut interest rates. All three major stock indexes rallied to new record highs.
So what was the news? Well, there wasn’t very much. The Fed kept interest rates unchanged for the fifth meeting in a row. But there was some fineprint in the form of the central bank’s economic projections that showed the policymakers do expect to slash rates later this year. So in lieu of good news, this may have been more about the absence of bad news.
Today’s top stories
This Queer Eye star has a lesson in personal finance for youKaramo Brown knows a thing or two about learning to get his money right. He told SoFi about a key strategy he has learned about the hard way, and a fun fact that keeps him from expensive shopping sprees.
Read more >> The new rage in cars is one we already knewElectric vehicles were meant to be the future, but people just don’t want to buy them en masse. Instead, eyes turn to this type of car.
Read more >> Wondering how much your mortgage will cost you? Here’s what to keep in mindThe costs you’ll face are more than just your interest rate. There may be closing costs, inspections, fee, legal fees, and private mortgage insurance payments to add to the tally.
Read more >>Other news that caught our eye
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The White House awarded Intel as much as $8.5 billion in funding through the CHIPS Act to boost domestic chipmaking.
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Trader Joe’s is recalling certain cashews sold in 16 states due to potential salmonella contamination.
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JetBlue is cutting weaker performing flight routes, exiting cities including Bogota, Colombia, Quito, Ecuador, Lima, Peru, and Kansas City, MO.
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The Mega Millions jackpot is now worth roughly $977 million, the tenth largest in U.S. history.
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Mercedes Benz will recall more than 116,00 vehicles over an improperly secured 48-volt ground connection.
Financial planner tip of the day
"A bond is basically loaning someone — a government, company, or municipality — money. Bonds can provide a steady stream of income, which includes interest payments and initial investment. However, bonds are riskier than cash. Bond issuers can default, and the yields in the long-term aren’t as high as other investments."
Brian Walsh, CFP® at SoFi