U.S. Stock Rise Slightly to Start Last Week of the Year
Traders at the New York Stock Exchange (NYSE) in New York City saw a slight rise in U.S. stocks on Tuesday, marking the beginning of the last week of 2023, as traders aimed to finish the year on a strong note. The S&P 500 climbed 0.2%, the Nasdaq Composite advanced 0.4%, and the Dow Jones Industrial Average gained 50 points.
One notable stock that rose was Intel, which increased nearly 3% after receiving a $3.2 billion grant from Israel’s government for a $25 billion plant in the country’s south. Additionally, Manchester United added 2% after British billionaire Jim Ratcliffe finalized a deal to buy a quarter of the soccer club. U.S. markets were closed on Monday in observance of the Christmas holiday.
The positive market activity at the start of the week builds on momentum from the previous week, during which the S&P 500 achieved its eighth consecutive weekly advance, its longest streak since 2017. The Dow and Nasdaq Composite also had an eight-week winning streak. The S&P 500 approached record levels, coming within 1% of its all-time high of 4,796.56 set in January 2022.
Investors have been encouraged by recent data showing inflation moving closer to the Federal Reserve’s 2% target. Expectations of potential rate cuts have also bolstered equities in recent weeks. Tom Lee, head of research at Fundstrat, pointed out that the November PCE deflator report indicated a downward trajectory for inflation, which supports the bullish stock market thesis.
In conclusion, the U.S. stock market’s positive performance at the start of the final week of 2023 signals a potentially strong end to the year. Investors are optimistic about the market’s momentum as they anticipate possible rate cuts and keep an eye on inflation data. Additionally, the historical context of the market’s performance and its impact on end-of-year trading trends can provide valuable insights for traders and investors.
Read More Breaking News
