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S&P 500 Hovers Near All-Time Closing High

 S&P 500 Hovers Near All-Time Closing High
(AP)

Wednesday, 27 December 2023 04:36 PM EST

U.S. stocks closed slightly higher in languid trading Wednesday, with little market-moving news to fuel conviction as the S&P 500 hovered just below bull market confirmation.

Volume was light and the three major U.S. stock indexes oscillated between modest gains and losses throughout the session. All three remained on course for monthly, quarterly, and annual gains.

The S&P 500 hovered less than 1% below its record closing high of 4,796.56 reached on Jan. 3, 2022. The Dow notched a new record closing high.

According to preliminary data, the S&P 500 gained 7.75 points, or 0.16%, to end at 4,782.50 points, while the Nasdaq Composite gained 27.40 points, or 0.18%, to 15,101.97. The Dow Jones Industrial Average rose 117.94 points, or 0.31%, to 37,663.27.

"When you have very few catalysts and minimal trading activity you tend to see continuation of the trends," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.

"We’ve got three days left of trading in the year," Carlson added. "That means three days left of tax harvesting, three days of portfolio window dressing ... those sort of things can get magnified because of the lack of trading volume."

Reaching a new record close would confirm the bellwether index entered a bull market when it reached the bear market closing trough in October 2022.

"Those kind of milestones are important because they can generate activity for investors who are sitting on the fence," Carlson said.

In the wake of Friday's cooler-than-expected U.S. PCE price index data, bets are firming that the Fed will start issue its first rate cut as soon as March, which is supporting interest rate sensitive shares and giving Wall Street's major indexes an upward bias.

At last glance, financial markets have priced in a 73.9% probability that policymakers will reduce the Fed funds target rate by 25 basis points at the conclusion of their March policy meeting, according to CME's FedWatch tool.

Shares of Bit Digital jumped following the bitcoin miner's announcement that it plans to double its mining operations.

Coherus BioSciences rose after the U.S. Food and Drug Administration approved its drug delivery device for its infection-fighting treatment.

First Wave BioPharma shares surged after the drug developer agreed to sell its inflammatory bowel disease drug to an undisclosed company.

Cytokinetics soared after its experimental heart disease drug met the main goal of late-stage study, putting it on track to compete with a rival treatment from Bristol Myers Squibb.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. stocks closed slightly higher in languid trading Wednesday, with little market-moving news to fuel conviction as the S&P 500 hovered just below bull market confirmation.
financial markets
409
2023-36-27
Wednesday, 27 December 2023 04:36 PM
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