The final trading week of the year began on a positive note as U.S. stocks saw an upward trend. The S&P 500 rose by 0.3% and the Nasdaq Composite saw a gain of 0.4%. The Dow Jones Industrial Average also climbed by about 0.3%, adding 100 points.
Despite lower trading volume, these movements indicate a continuation of the recent positive market trends that have propelled the major indices, according to Keith Lerner, Truist’s co-chief investment officer. He mentioned that even though the influx of money has weakened, there is still a steady demand as we approach the end of the year.
Intel experienced a nearly 3% increase after receiving a $3.2 billion grant from the Israeli government to establish a $25 billion plant in the southern part of the country. Additionally, Manchester United saw a 2% rise in their stock price as British billionaire Jim Ratcliffe completed a quarter ownership acquisition of the football club.
Wall Street enters the shortened holiday week with momentum, following an impressive performance last week. The S&P 500 notched its eighth consecutive weekly advance, the longest streak since 2017. Similarly, the Dow and Nasdaq Composite also enjoyed an eight-week winning streak.
Source (CNBC)
