US equity markets continued to build on a strong rebound as investors digested the latest news out of Ukraine and the outcome of the latest Federal Reserve monetary policy meeting - Dow gained +418-points or +1.23% and is on pace to log its first positive week in the past six. American Express Corp (up +3.52%) was among the leading performers following their Investor Day on Wednesday (16 March), with Bank of America reiterating their ‘buy’ recommendation on the stock. The broader S&P500 advanced +1.23%, with Energy (up +3.48%) returning to the top of the leaderboard and leading all eleven primary sectors higher. Occidental Petroleum jumped +9.47% as Warren Buffet’s investment group, Berkshire Hathaway, filed papers with the Securities and Exchange Commission (SEC) indicating it owed 136.37M shares of the oil major as of 16 March, following purchases of around US$985M of stock between 14 March and 16 March at an average price of around US$54.41 per share. The Nasdaq rose +1.33%. The small capitalisation Russell 2000 gained +1.69%. Tonight’s AEST session for US equity markets is Quadruple Witching, when stock index futures, stock index options, stock options and single-stock futures expire simultaneously.
