Wall Street rises, S&P close to all-time high

Wall Street rises, S&P close to all-time high
Wall Street rises, S&P close to all-time high

Hello and welcome to the details of Wall Street rises, S&P close to all-time high and now with the details

Nevin Al Sukari - Sana'a - Eight of the eleven sub sectors of the index were trading in the green today, with the consumer discretionary index leading the gains. — Reuters pic

NEW YORK, Dec 27 — US stocks edged higher today, with the S&P 500 inching closer to its all-time high on prospects of early interest rate cuts by the Federal Reserve.

The benchmark index is within a whisker of breaching its record close touched in January 2022 and on track to post its biggest quarterly gain in three years.

Eight of the eleven sub sectors of the index were trading in the green today, with the consumer discretionary index leading the gains.

Closing above the 4,796.56 level would confirm the S&P 500 has been in a bull market since touching the bear market nadir, the closing low reached in October 2022.

Advertisement

Volumes are, however, likely to remain low, with most participants away on year-end holidays and few catalysts, with only a weekly jobless claims data expected tomorrow.

“Traditionally, between Christmas and New Year’s, there isn’t much activity, but I do notice that a dominant emotion of optimism seems to be pervasive this week,” said Peter Andersen, founder of Andersen Capital Management in Boston.

“I do think the Fed will not raise rates in 2024 and that the economy will continue to show a successful so-called soft landing. That should provide a solid foundation for a continued rally in 2024.”

Advertisement

An eight-week rally in the main indexes went into overdrive two weeks ago after the Fed signaled the end of its rate hike cycle and opened the door to potential rate cuts in 2024.

Traders’ bets that the Fed will deliver a rate cut in March currently stand at 84 per cent, up from about 21 per cent at the end of November, according to the CME Group’s FedWatch tool.

At 9:49 a.m. ET, the Dow Jones Industrial Average was up 27.61 points, or 0.07 per cent, at 37,572.94, the S&P 500 was up 3.27 points, or 0.07 per cent, at 4,778.02, and the Nasdaq Composite was up 20.33 points, or 0.13 per cent, at 15,094.90.

Gains in Tesla drove the Nasdaq higher in early trade after reports that the electric vehicle maker was planning to roll out a revamped version of its Model Y.

Among individual movers, shares of Bit Digital were up 14.4 per cent as the US-based bitcoin miner plans to double its mining operating fleet to about 6.0 ether per second in 2024.

Coherus BioSciences rose 24.6 per cent after the company said the US FDA has approved its drug delivery device for its infection-fighting treatment.

First Wave BioPharma shares more than doubled in value after the drug developer agreed to sell its inflammatory bowel disease drug to an undisclosed company.

Cytokinetics soared 62.1 per cent after its experimental heart disease drug met the main goal of a keenly awaited late-stage study, putting it on track to compete with a rival treatment from Bristol Myers Squibb.

Advancing issues outnumbered decliners by a 1.51-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq.

The S&P index recorded 29 new 52-week highs and no new lows, while the Nasdaq recorded 112 new highs and 24 new lows. — Reuters

These were the details of the news Wall Street rises, S&P close to all-time high for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Malay Mail and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV US ‘will not send troops to fight in Ukraine’: White House
NEXT Hamas says US airman ‘immortal’ for self-immolation Gaza protest

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]