HoonSmart.com>>The US stock market closed up. The Dow Jones index added 159.36 points, the S&P500 added 20.12 points and the Nasdaq added 81.60 points. The Fed is expected to cut interest rates as soon as March. European markets were closed yesterday. As for the price of crude oil, it moved up.
The Dow Jones Industrial Average (DJIA) closed on December 26, 2023 at 37,545.33 points, an increase of 159.36 points or +0.43% after returning to trading from where it closed on Christmas Day. Even though the trading volume is light But the entire market has improved.
The S&P 500 index closed at 4,774.75 points, up 20.12 points, +0.42% and less than 1% away from the all-time high of 4,796.56 points in January 2022.
The Nasdaq index closed at 15,074.57 points, up 81.60 points, +0.54%.
Despite warnings that the market is overbought, stocks continue to rally. From the expectation that The US Federal Reserve (Fed) will cut interest rates as early as March.
Investors respond to slowing inflation. and an economy that is stronger than expected Even though the Fed has raised interest rates to bring down inflation, But it did not cause the economy to enter a recession.
Most traders expect the Fed to cut interest rates to 1.50% by the end of 2024 from the current level of 5.25% – 5.50%, the highest level in more than two decades.
Technology and industrial stocks largely contributed to the rally, with Intel rising 5.2%, the biggest gainer among S&P 500 stocks, after the Israeli government approved a $3.2 billion grant for a $25 billion factory in Israel. Israel
Caterpillar shares rose 1.8%, while Manchester United shares rose 3.4% after British billionaire Jim Ratcliffe agreed to buy a 25% stake in Manchester United football club.
Energy stocks rose as U.S. crude oil prices rose 2.7%, with Hess shares up 1.4%.
The strong rally in small company stocks also helped lift the market. As a result, the Russell 2000 index rose 1.2%.
Chris Larkin of Morgan Stanley’s E*Trade said the interest is in whether the market can sustain its rally into the new year. And it may depend on a positive view of the Fed’s interest rate cut.
The Santa Claus rally, or year-end rally, typically occurs on the last five trading days of the old year and the first two days of the new year, according to the Stock Trader’s Almanac. Since 1969, the S&P 500 index has gained an average of 1.3. % during these 7 days
This week there is a lot of economic data scheduled to be released. Including applying for unemployment benefits and the amount of inventory in the wholesale sector
For the economic data reported yesterday include: The S&P CoreLogic Case-Shiller Nationwide Home Price Index rose 4.8% year-on-year in October.
European stock markets in London, France and Germany were closed yesterday.
WTI crude oil prices for February delivery increased by $2.01, or 2.7%, to close at $75.57 per barrel. Brent crude oil prices for February delivery rose 2 dollars, or 2.5%, to close at 81.07 dollars per barrel.
2023-12-27 02:36:41
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