U.S. stock markets rose before Christmas, with the S&P 500 reaching an all-time peak during a shorter trading day, according to Reuters, as traders anticipate potential reductions in interest rates from the Federal Reserve in the coming year.
As reported by Reuters, the standard S&P 500 reached an intra-day high of 6,921.42 points, exceeding its prior maximum from October, whereas the Dow Jones Industrial Average increased by 167.50 points, or 0.35 percent, to 48,610.95. The Nasdaq Composite remained nearly unchanged, declining by 2.48 points, or 0.01 percent, to 23,558.35.
Trading activity was light because U.S. markets were set to close early at 1:00 PM EST on Wednesday, December 24, and would be closed on Thursday for Christmas. The rise was backed by solid performances in finance and tech sectors, with Micron Technology reaching an all-time peak and banking shares helping drive overall market growth.
A Reuters report states that recent improvements in the market have raised expectations for a "Santa Claus rally," which refers to a historical trend where stock prices increase during the final five trading days of the year and the initial two days of January. This timeframe began on Wednesday and will continue until January 5th.
Investors also responded to conflicting economic information, such as stronger-than-expected third-quarter U.S. economic expansion and an unexpected decline in unemployment filings, boosting confidence in a robust economy amid typical seasonal fluctuations.
Additional market changes saw Nike's stock increase by 4.7 percent following Apple CEO Tim Cook's purchase of approximately $3 million in shares, whereas Intel declined by 1.6 percent due to reports that Nvidia has stopped testing to produce using Intel's 18A semiconductor manufacturing technology. Dynavax Technologies rose sharply by 38.5 percent after French pharmaceutical company Sanofi revealed intentions to buy the firm for $2.2 billion.
The number of rising stocks exceeded falling ones by 1.69 to 1 on the NYSE and 1.33 to 1 on the Nasdaq, according to Reuters, as the S&P 500 saw 11 new 52-week peaks and two new troughs.
Supplied by SyndiGate Media Inc. ( Syndigate.info ).
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