The Dow Jones New York Stock Exchange index closed positive on Wednesday (Dec. 27), while the S&P 500 index moved closer to record highs. The market still receives positive factors from the expectation that the US Federal Reserve (Fed) will begin cutting interest rates in March next year.
The Dow Jones Industrial Average closed at 37,656.52 points, up 111.19 points or +0.30%, the S&P 500 Index closed at 4,781.58 points, up 6.83 points or +0.14%, and the Nasdaq Index closed at 15,099.18 points, up 24.60 points or +0.16%.
During the day, all three main indices moved in both positive and negative territory. Before closing, the market rebounded, with all 3 indices likely to increase on a monthly, quarterly, and annual basis.
The New York Stock Exchange has posted a record eight straight weeks of gains, supported by expectations that the Fed will end its cycle of raising interest rates and begin cutting rates next year. After US inflation slowed down In particular, the Personal Consumption Expenditures (PCE) price index came out lower than expected in November.
CME Group’s latest FedWatch Tool indicates that investors give 73.9% of their weight in predicting that the Fed will begin cutting interest rates by 0.25 percentage points at its March meeting. 2024
Mr. Robert Kaplan, former president of the Dallas Fed Said on the program “Squawk Box” of CNBC television station yesterday that He expects the Fed to start cutting interest rates soon. This is because the Fed wants to avoid the risk of sending the US economy into recession. And the Fed wants to avoid overly tight monetary policy. This makes it necessary for the Fed to cut interest rates if inflation continues to slow.
Chuck Carlson, an analyst with Horizon Investment Services in Indiana Express your opinion that “Trading conditions in the market were quite sluggish last night. This is because there are hardly any new factors coming in to stimulate the market. and trading volume is light Currently, there are only 3 business days left until the end of the year. This means that investors have 3 days to window dress their accounts.”
Among the 11 stocks included in the S&P 500 index, real estate stocks posted the strongest gains. Meanwhile, energy stocks fell. After WTI oil prices plummeted nearly 2%
Microsoft shares fell 0.15% after reports that the New York Times filed a lawsuit against Microsoft. and OpenAI, the developer of the chatbot ChatGPT, accusing the companies of infringing the New York Times’ intellectual property rights. This includes illegal copying and use of New York Times valuable and unique works. along with calling for Microsoft and OpenAI to be held accountable for damages worth billions of dollars
Apple shares closed slightly positive. After the US Court of Appeals issued a temporary restraining order against Apple’s importation of the Apple Watch. This order is considered a victory for Apple. This allows the company to continue selling the Apple Watch Series 9 and Apple Watch Ultra 2 at the end of the year. This is when the company generates a lot of sales. Apple ended sales of the two Apple Watch models last week. After the US International Trade Commission (ITC) determined that the two Apple Watch models infringed on the blood oxygen measurement patent of Masimo, a medical device manufacturer, the ITC issued an order banning imports and Selling Apple Watch that uses technology to measure blood oxygen levels.
2023-12-27 23:27:54
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