AU Morning Wrap: ASX Reaches New Peak, Surpasses 7800 Points

Moomoo News AU wrote a column · Mar 7 17:46

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 reaches a new all-time high
• ASX hits record high; tops 7800 points
• Stocks to watch: Virgin Money

AU Morning Wrap: ASX Reaches New Peak, Surpasses 7800 Points

Wall Street Summary

On Thursday, American equities witnessed an uptick, with the $S&P 500 Index(.SPX.US)$ reaching an unprecedented peak. The market mood remained positive during the second consecutive day of Federal Reserve Chairman Jerome Powell's closely monitored testimony and in anticipation of the jobs data for February set to be released on Friday.

Technology stocks were at the forefront, with the $Nasdaq Composite Index(.IXIC.US)$ climbing by up to 1.5%. Meanwhile, the $S&P 500 Index(.SPX.US)$ saw an increase of just over 1%, achieving a record closing high at 5,157.34. The $Dow Jones Industrial Average(.DJI.US)$ also advanced, posting a gain of approximately 0.3%.

AU Market Watch

Australian stocks are expected to experience an upswing, following a fresh surge in New York that saw both the S&P 500 and Nasdaq achieve new record highs.

Dan Ives, a tech analyst and managing director at Wedbush Securities, commented from Sydney today, stating that artificial intelligence represents the most significant investment trend for the coming ten years.

The Australian share market is on track to potentially surpass its highest intraday record of 7769.1 points, which was established on Monday, March 4.

Stocks to Watch

$Virgin Money UK PLC(VUK.AU)$ has received a privatization proposal valued at $5.7 billion. The UK's sixth-biggest bank, which is listed on both the ASX and the London stock market, is poised to be acquired by the Nationwide Building Society, a member-owned financial institution.