S&P 500 Index is approaching record – E24

S&P 500 Index is approaching record – E24

The S&P 500 index tops the list in the final trading week of the year.

Published:

Status is updated throughout the day.

This is what the leading indicators look like immediately after the open:

  • The broad S&P 500 index rose 0.20%.
  • The Dow Jones index rose 0.1 percent
  • The Nasdaq Composite Index rose 0.31%.

Wednesday was marked by small and mixed results. Finally, indices ended a cautious session. Tuesday ended with an increase of about 0.5 percentage points.

US indices are now at record highs, after expectations of further interest rate cuts in 2024 created a very positive mood in the market.

The S&P 500 was at 4,781.58 points before the open. The benchmark level is 4796.56 at the closing time. All three major indexes are on track to rise for the ninth straight week CNBC.

– It's been a good year for investors to really test their patience, Michael Mullen, chief strategist at Claro Advisors, tells the news agency.

– A lot happens in between, but when the day is over, you can look back and be convinced that you were invested.

Stock market traders often have a strong week towards the end of the year, in the form of the so-called “Christmas rally.”

The inflation battle is not over yet

US stock markets are often influenced by decisions and signals from the powerful US central bank. In mid-December, the US Central Bank decided to keep interest rates unchanged in the range of 5.25-5.5 percent. Meanwhile, Federal Reserve (Fed) forecasts showed three interest rate cuts in 2024.

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Powell said regarding the interest rate meeting that the interest rate is now at or near the top. He still does not rule out the possibility of raising the interest rate again, if it proves necessary to reduce inflation towards the target.

Torsten Slok, chief economist at Apollo Global Management, said: CNBC on Wednesday that the Fed may have to change to a more dovish tone and wait with potential interest rate cuts if inflation remains higher than expected.

– He said: – We are simply not finished fighting inflation yet.

If we do not finish fighting inflation, this means that all the negative consequences of fighting inflation – specifically higher interest rates and higher costs of capital – will continue.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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