S&P 500 Rises to New 5,000 Record Following Impressive Earnings Reports and Reduced Unemployment Claims
The data shows that over 50% of S&P 500 companies have posted their earnings, with more than 80% of them scaling analyst expectations.
The data shows that over 50% of S&P 500 companies have posted their earnings, with more than 80% of them scaling analyst expectations.
The stock market reacted negatively to the Fed Chair’s comment indicating that the apex bank was uninterested in rate cuts until after March.
The Dow has hit a new record, while other indexes also increased, as traders believe the Fed will leave interest rates unchanged.
Positive economic indicators, such as an 18% surge in groundbreaking new single-family homes in November, contributed to the optimistic outlook.
The three major indexes, the S&P 500, the Dow, and the Nasdaq are enjoying a continued rally as the market hopes for rate cuts.
There was a general rise in the Dow, S&P 500 and Nasdaq Composite indexes following hints that the Fed policy would favor the general market.
With yesterday’s historic high, the Dow Jones extends its Q4 rally to more than 10%. On the other hand, the technology sector also makes a fresh all-time high.
As the crypto market braces for the Federal Reserve’s decision, traders are showing caution, evidenced by a 40% drop in trading volume over the last 24 hours.
The gains have come while traders await the conclusion of the final Fed meeting of 2023.
Stock futures are mixed after the Dow Jones Industrial Average closed its best month in more than a year.