Wall Street no major moves, S&P-500 flirting with a bull market

Posted on December 28, 2023 at 10:30 pm.

by Stephen Culp

NEW YORK, Dec 28 (Reuters) – The New York Stock Exchange ended mixed on Thursday, with the Nasdaq inching slightly lower at the end of a largely unchanged session, during which the S&P-500 still hit a fresh record. before losing most of his gains just before the bell.

The Dow Jones index gained 0.14%, or 53.58 points, to 37,710.10 points.

The broader S&P-500 gained 1.77 points, or 0.04%, to 4,783.35.

The Nasdaq Composite fell 4.04 points (0.03%) to 15,095.14.

All three major Wall Street indices are headed for monthly, quarterly and annual gains. S&P-500 closes in on January 2022 closing high; overtaking it would confirm that it is in a “bull market”.

“It’s one of the strongest year-end gains we’ve had, and it started even before the Fed turned the corner in mid-December,” said Ryan Detrick, a strategist at the Carson Group in Omaha, referring to the latest monetary policy. US central bank meeting.

The Fed decided to leave interest rates unchanged earlier this month, as expected, also signaling that the monetary policy tightening cycle is coming to an end and signaling rate cuts next year.

Ryan Detrick says he sees a possible sign of economic strength in the coming year in the S&P-500’s streak.

Data released during the day, including jobless claims and U.S. home sales, paint a picture of the U.S. economy slowing but remaining solid.

Rather, this situation supports the hypothesis that the Fed could cut rates earlier than expected and still achieve a soft landing for the economy.

According to FedWatch, financial markets expect a rate cut of 25 basis points starting in March.

Among the S&P-500’s major sectors, utilities were the best performers, while energy declined the most.

On the value side, note Boeing’s retreat after advising airlines to check the latest 737 MAX jets for loose screws in the control system.

(French version by Jean Terzian)

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