US equity markets gained ground on the eve of the latest Federal Reserve monetary policy meeting, shrugging off reports that a meeting between President Trump and Chinese President Xi Jinping may not happen until June - Dow up +65-points or +0.25% to log its fourth consecutive rally despite Boeing Co falling -1.8% after The Wall Street Journal reported the Department of Transportation and federal prosecutors were scrutinizing the development of the company's 737 Max planes. The broader S&P500 rose +0.37%, with Energy (up +1.39%), Consumer Discretionay (+1.055) and Financials (+1.03%) the leading sector performers. Chief US equity strategist at Credit Suisse, Jonathan Golub, hiked his 2019 target on the S&P 500 to 3,025 (representing ~20% upside from last night's close) from 2,925, saying that "receding" risks will drive stocks higher - "Less hawkish comments from the Fed, declining inflation and recession fears, and the potential for a resolution to China trade issues are the primary forces driving volatility and spreads lower, and stocks higher." The NASDAQ +0.34%, with Amazon.com Inc rising +1.74% (to US$1,742.15 and above its 200-day moving average) and Apple Inc +1.02%. Microsoft Corp (up +1.43% to US$117.57) rallied for a seventh consecutive session to mark a second consecutive record closing high. However, Facebook Inc fell -3.32% after a broker downgraded the company, citing worries about the company's pivot to privacy and encrypted messages as well as the possibility of more regulatory scrutiny. According to EPFR Global, US equities took in US$25.4B during the week to 13 March, the biggest inflow this year, after seeing more than US$100B in outflows since last October.
