Traders on the New York Stock Exchange were keeping a close watch on the markets this week. The S&P 500 recently hit a record high, closing at 6,909.79. It’s just shy of its all-time high of 6,920.34. Futures for major indexes, including the Dow Jones and Nasdaq, showed little change as investors processed this news.
Technology stocks were a big driver of the market gains. Companies like Alphabet, Nvidia, Broadcom, and Amazon saw notable increases. On Tuesday, the S&P 500 rose by about 0.5%, the Nasdaq Composite gained around 0.6%, and the Dow added nearly 80 points.
The Commerce Department released a report indicating a 4.3% growth in U.S. gross domestic product for the third quarter, beating expectations of 3.2%. This led some traders to rethink predictions about interest rate cuts in early 2024. Nevertheless, many still expect two cuts by the end of 2026, according to the CME FedWatch Tool.
There’s also talk about the Santa Claus rally, which is the rise in stock prices that often happens in the last days of December and the start of January. Historically, during this period, the S&P 500 returns an average of 1.3%. LPL Financial’s chief technical strategist Adam Turnquist highlighted that a close above this month’s highs could lead to even more gains, potentially pushing the S&P 500 above the 7,000 mark.
As for the economy, traders are now looking towards upcoming jobless claims statistics.
The stock market’s mid-week performance seems cautiously optimistic, but traders still remain vigilant for any changes in economic indicators.
Overall, the mood among investors is hopeful as the year-end approaches, with expectations for a strong finish.
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