GLOBAL STOCKS TAKE BREATHER UNDER ALL-TIME HIGHS
- NEWS Desk Global
- Mar 22, 2024
- 1 min read

Profit taking weighed on global stocks on Friday after a week of record setting advances fueled by a series of dovish central bank moves, while the dollar struggled to extend a gain as U.S. yields ticked lower. While the S&P 500 and Nasdaq opened a bit lower, and the Dow was basically flat, Wall Street's key indexes looked set for weekly gains. The MSCI World Equity Index was down 2.30 points, or 0.29%, but up 1.7% on the week, on track for its biggest weekly gain this year.
A surprise rate cut from Switzerland's central bank on Thursday helped push markets to new highs, as traders realized that major central banks around the world would not necessarily wait for U.S. Federal Reserve rate cuts before delivering their own. Traders also drew confidence from the Bank of England being more dovish than expected, saying the economy is "moving in the right direction" for it to start cutting rates. On Wednesday, the Federal Reserve left the fed funds rate alone at 5.25% to 5.50% but indicated it was still prepared to lower rates by 75 basis points this year despite a worrying uptick in U.S. inflation and economic growth solid enough to maybe even dodge a soft landing.
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