Noha Makram – Live – US stocks stabilized on Wednesday, with traders focusing on the S&P 500 index, which is heading to record high levels.
The S&P 500 fell slightly, while the Dow Jones Industrial Average fell by 10 points, while the Nasdaq rose by 0.2%.
CNBC reported that the broader market index is trading within 0.5% of its highest closing level of 4,796.56, which it recorded in January 2022. The S&P 500, the Dow, and the Nasdaq are also popular. With a streak of gains that lasted eight weeks, which is the longest since 2017.
It is worth noting that stocks witnessed a strong year, as the Dow and S&P 500 indexes are poised to end the year with increases of 13% and 24%, respectively. While Nasdaq jumped by 44%, to be the best performer amid the recovery of technology stocks and the boom in artificial intelligence. The index is about to record its largest gains in a year since 2003, when it jumped by 50%.
Stocks are in the midst of what is referred to as the “Santa Claus Rally,” a period consisting of the last five trading days of the ending year and the first two days of the new year. The S&P 500 rose about 1.3% during this time frame on average.
It is worth noting that the markets are now anticipating more than 70% of the possibility that the US Federal Reserve will start reducing interest rates next March, according to the “Feed Watch” tool issued by “CME”, with expectations of a reduction of 150 basis points during the entire 2024.
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Nominations:
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For stock investors.. What do we know about the phenomenon of “Santa Claus” hikes?
2023-12-27 15:23:06
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