US equity indexes closed very significantly higher, SPX +80pts (1.9%) at 4386. Nasdaq comp' +1.6%. Dow +1.8%. The Transports settled +2.6%. R2K +2.4%.
SPX - daily
VIX - daily
Summary
US equities opened on a moderately positive note. The gains were initially shaky, but with Powell saying he will recommend a 25bps rate hike at the next FOMC of March 15/16, the market used it as an excuse to build significant gains into the afternoon.
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| Powell - The CEO of Print Central |
The afternoon saw increasingly chop, but all the main indexes managed very significant gains.
Volatility was ground lower, the VIX settling -7.7% to 30.74.
Meanwhile...
Unleaded gasoline: 148.9 pence per liter, x 3.785 (liter> US gallon) x 1.3355 (GBP >USD) = $7.53. The $8s appear probable this spring, which won't help the struggling UK economy.
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Goodnight
from London
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