Stock Market Update Thursday February 29, 2024

Stock Market Update Thursday February 29, 2024 The first leap year trading day since 2016 brought further optimism for investors, as the S&P 500 and Nasdaq 100 climbed by 0.5% and 0.9%, respectively. Both indices have gained approximately 7% since the beginning of 2024. The daily chart reveals a bullish flag pattern, signaling a potential breakout on Friday, March 1st. Fridays typically end on a positive note, and the onset of a new month often attracts fresh capital inflows into the markets.

Away From Stocks: Treasurys stayed steady on the short end with two-year yields remaining at 4.64% while the long bond declined two basis points to 4.38%, WTI crude held above $78 per barrel and gold advanced to $2,043 an ounce.  The VIX remained slightly above 13.