2023-12-28 21:36:57
A trader works on the Wall Street Stock Exchange
par Stephen Culp
The New York Stock Exchange ended in mixed order on Thursday, with the Nasdaq falling slightly into negative territory, at the end of a session without major movements during which the S&P-500 nevertheless reached a new record before losing the essential of his winnings just before the bell.
The Dow Jones index gained 0.14%, or 53.58 points, to 37,710.10 points.
The broader S&P-500 gained 1.77 points, or 0.04%, to 4,783.35 points.
The Nasdaq Composite fell 4.04 points (0.03%) to 15,095.14 points.
Wall Street’s three main indexes are all heading towards monthly, quarterly and annual increases. The S&P-500 moved closer to its January 2022 closing record; overtaking it would have confirmed that it is in a “bull market”.
“This is one of the strongest year-end gains we’ve had, and it started before the Fed turned the corner in mid-December,” said Ryan Detrick, strategist at Carson Group in Omaha. , in reference to the last monetary policy meeting of the American central bank.
The Fed decided earlier this month to keep interest rates unchanged as expected, also indicating that its monetary tightening cycle was coming to an end and signaling a rate cut next year.
Ryan Detrick says he sees in the sequence of the S&P-500 a possible sign of economic strength in the year to come.
Data published during the day, including unemployment claims and real estate sales in the United States, paint the picture of an American economy which is slowing but remains solid.
This situation tends to confirm the hypothesis that the Fed might cut rates earlier than expected, while achieving a soft landing for the economy.
According to FedWatch, financial markets are banking on a rate cut of 25 basis points starting in March.
Among the major sectors of the S&P-500, utilities performed the best, while energy declined the most.
On the values side, note Boeing’s retreat following advising airlines to inspect the latest 737 MAX aircraft for a possible loose bolt in the control system.
(French version Jean Terzian)
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