Investing.com - The Australian stock market opened on a high note, following the lead of a rejuvenated rally on Wall Street where the S&P 500 achieved a new record high and record closing high. Six out of the seven top-performing stocks showed an upward trend, led by a more than 3% increase in Nvidia. Apple (NASDAQ:AAPL), however, experienced a slight dip.
Jerome Powell, the Federal Reserve's Chairman, hinted that the Federal Reserve's policymakers are nearing the point of gaining confidence that inflation is being reined in.
As Powell expressed his views, he indicated that the Federal Reserve's restrictive measures could be eased once confidence is established. "We are not far from reaching that point of confidence — and when we do, it will be appropriate to start winding down the level of restriction," Powell stated during a Q&A session with the Senate Banking Committee on the second day of his biannual congressional testimony.
Echoing Powell's sentiments, the President of the European Central Bank, Christine Lagarde, stated that she and her colleagues are not yet "sufficiently confident" to initiate monetary easing, though they anticipate a window of opportunity may soon open.
"We clearly need more evidence, more detail," Lagarde told reporters in Frankfurt, pointing to forthcoming data on wages. "We expect this data in the upcoming months. We will have a clearer picture in April, but by June, we will have a much more comprehensive understanding."
Ahead of the release of its results after the closing bell in New York, shares of Broadcom Inc (NASDAQ:AVGO) rose by more than 4%.
In focus are the shares of Insignia Financial Ltd (ASX:IFL), Nine Entertainment Co Holdings Ltd (ASX:NEC), and Wisetech Global Ltd (ASX:WTC), all set to trade ex-dividend. IPD Group Ltd (ASX:IPG) will host an investor meeting on Friday.
Virgin Money PLC (ASX:VUK), the sixth-largest bank in Britain, dual-listed on the ASX and in London, received a $5.7 billion privatisation offer from the mutually owned Nationwide Building Society.
Ahead in Friday's session, investors will be closely monitoring overseas data including Japan's current account for January; Eurozone's industrial production for January, final GDP for the fourth quarter; US consumer credit for January, February jobs report at 12.30 am Saturday AEDT and China February CPI and PPI at 12.30 pm.