Producers of metals and other raw materials rose to all-time highs amid mounting optimism ahead of inflation data and earnings reports.
One strategist said the Federal Reserve's recent statement on the economic outlook and rate-cut plans was a bullish factor, and that the coming earnings season could provide more fuel to the rally.
"The big fear of a hard landing and a recession that so many had has proven to be, at the very least, very early," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
"I think the Fed reiterating that it sees three rate cuts this year is very positive for equity markets."
Gold futures rose 0.6% to $2190 an ounce, a new record high. Gold has climbed even as the dollar gains against rival currencies, reflecting the likelihood that the European Central Bank, the Swiss National Bank and others will lead the way on rate cuts.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-27-24 1733ET
