The Dow Jones Industrial Average ended slightly higher Wednesday, notching an all-time high finish, while the S&P 500 edged nearer record territory as investors attempted to continue a year-end rally fueled by expectations that U.S. interest rates will fall in 2024.What happened
The Dow Jones Industrial Average
DJIA
rose 111.19 points, or 0.3%, to finish at 37,656.52, eclipsing its previous closing record of 37,557.92, set on Dec. 19.
The S&P 500
SPX
eked out a gain of 6.83 points, or 0.1%, to end at 4,781.58, leaving it just 0.3% below its record close of 4,796.56 set on Jan. 3, 2022.
The Nasdaq Composite
COMP
ended at 15,099.18, up 24.60 points, or 0.2%.
See: S&P 500 is moving toward record territory. Here’s what stock-market investors need to know.
What drove markets Stocks briefly extended gains after the Treasury Department auctioned $58 billion in 5-year notes, prompting a further pullback in benchmark bond yields. Market participants were hoping to see strong demand, much like what was seen for Tuesday’s sale of 2-year notes, Tom Essaye, founder of Sevens Report Research, said in a note. A steady rally into the year’s end has further propelled the benchmark S&P 500 toward an all-time high. The Wall Street equity benchmark is striving for a ninth consecutive week of gains, which would be its best such winning streak since 2004, having jumped 24.4% so far in 2023. See: The 10 days that moved the stock market the most in 2023 Investors have piled into stocks primarily on hopes that with inflation falling back near the Federal Reserve’s 2% target, the central bank will start reducing borrowing costs by the spring of 2024, all while the U.S. economy avoids a recession. But that’s also prompted concerns that market participants have gotten ahead of themselves. “The stock market is too optimistic about the quantity of rate cuts expected in 2024, and we may be borrowing some of 2024’s gains now as the year-end rally continues, becau …
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The Dow Jones Industrial Average
DJIA
rose 111.19 points, or 0.3%, to finish at 37,656.52, eclipsing its previous closing record of 37,557.92, set on Dec. 19.
The S&P 500
SPX
eked out a gain of 6.83 points, or 0.1%, to end at 4,781.58, leaving it just 0.3% below its record close of 4,796.56 set on Jan. 3, 2022.
The Nasdaq Composite
COMP
ended at 15,099.18, up 24.60 points, or 0.2%.
See: S&P 500 is moving toward record territory. Here’s what stock-market investors need to know.
What drove markets Stocks briefly extended gains after the Treasury Department auctioned $58 billion in 5-year notes, prompting a further pullback in benchmark bond yields. Market participants were hoping to see strong demand, much like what was seen for Tuesday’s sale of 2-year notes, Tom Essaye, founder of Sevens Report Research, said in a note. A steady rally into the year’s end has further propelled the benchmark S&P 500 toward an all-time high. The Wall Street equity benchmark is striving for a ninth consecutive week of gains, which would be its best such winning streak since 2004, having jumped 24.4% so far in 2023. See: The 10 days that moved the stock market the most in 2023 Investors have piled into stocks primarily on hopes that with inflation falling back near the Federal Reserve’s 2% target, the central bank will start reducing borrowing costs by the spring of 2024, all while the U.S. economy avoids a recession. But that’s also prompted concerns that market participants have gotten ahead of themselves. “The stock market is too optimistic about the quantity of rate cuts expected in 2024, and we may be borrowing some of 2024’s gains now as the year-end rally continues, becau …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]