Monday, December 23, 2024
HomeBusinessDow leaps over 400 points to all-time closing high

Dow leaps over 400 points to all-time closing high



The Dow rose 426 points to a record high on Friday, and all three major indexes posted weekly gains as investors took comfort from data pointing to strong economic activity in the world’s largest economy.

A day later, the Dow Jones Industrial Average ended 1% higher at 44,296.51 lead of more than 450 points,

The S&P 500 gained 0.4%, while the Nasdaq gained 0.2%.

For the week, the S&P 500 rose 1.68%, the Nasdaq gained 1.73%, and the Dow climbed 1.96%.

The Dow rose more than 400 points, or 1%, to close at an all-time high. getty images

Business activity hit a 31-month high in November on expectations of lower interest rates and more business-friendly policies from President-elect Donald Trump’s administration next year.

The domestically focused small-cap Russell 2000 index rose 1.8% and outperformed the large-cap index. The index rose 4.3% during the week.

Meanwhile, Alphabet fell 1.7% after Thursday’s 4% decline The Justice Department argued According to one judge the company was monopolizing online searches.

After this, AI bellwether Nvidia also slipped 3.2% in volatile trading. quarterly forecast On Wednesday.

“I want to take this leadership change to everything from technology to everything else. I think we may be in the midst of that change. Small caps are doing much better, value is doing better, said Mark Hackett, head of investment research at Nationwide.

Business activity reached a 31-month high in November on expectations of a cut in interest rates. AP

Expectations on a policy move by the Federal Reserve in December have recently oscillated between a pause and a cut, as investors weigh the potential impact of Trump’s plans on price pressures.

According to CME Group, there is a 59.6% chance that the central bank will reduce borrowing costs by 25 basis points. fadewatch tool,

Geopolitics were top of mind this week as investors monitored missile exchanges between Ukraine and Russia after Moscow lowered the threshold for nuclear retaliation.

The market is also awaiting the selection of Trump’s Treasury Secretary.

Expectations on a policy move by the Federal Reserve in December have recently oscillated between a pause and a cut, as investors weigh the potential impact of Trump’s plans on price pressures. getty images

“The fact that we have been settling on a nice, stable ladder pattern is very encouraging and reflects the fact that investors are not operating with a sense that they can afford to be given as much uncertainty as we have faced.” Have done,” Hackett said.

In company news, Gap rose 13% after Old Navy’s parent raised its annual sales forecast and had a “strong start” to the holiday season.

Intuit fell 5.7% after TurboTax parent on Thursday reported second-quarter revenue and profit below Wall Street estimates.

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