Monday saw gains in the S&P 500 as investors looked to maintain Wall Street’s year-end rally.
At 4,622.44, the closing level of the broad market index was its highest since March 2022, up 0.39% from the previous close. At 36,404.93, the Dow Jones Industrial Average closed at its highest level since January 2022, up 157.06 points, or 0.43%, for the day. The Nasdaq Composite reached 14,432.49. A gain of 0.20%.
The last six weeks have seen weekly gains for the S&P 500 and Nasdaq. Investors will be watching this week for important inflation statistics that could impact market trends and Federal Reserve rate policy. The two-day meeting of the central bank starts on Tuesday.
Important economic data: the producer pricing index is scheduled for release on Wednesday, while the consumer price index reading for November is scheduled for release on Tuesday. One of the last challenges to the markets’ ability to stay robust till the end of 2023 is the next data releases.
Although no one anticipates an increase, Chris Larkin, head of trading and investing at E-Trade, stated that “hotter-than-expected inflation figures could throw cold water on the idea that rate cuts are coming sooner rather than later.”
Following word that the store had received a $5.8 billion takeover offer, Macy’s shares increased by more than 19%. The tech firms that limited the Nasdaq’s advances were Apple and Nvidia, which fell 1.3% and 1.9%, respectively. Meta Platforms’ stock fell 2.2% on the day.
Source (CNBC)
