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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 11, 2023.
Brendan Mcdermid | Reuters
Stocks rose to start the last week of the year, pushing the S&P 500 closer to record levels.
The S&P 500 climbed 0.4%, and the Nasdaq Composite advanced 0.5%. The Dow Jones industrial Average gained 180 points, or about 0.5%.
Despite weaker volume, Tuesday’s moves likely signal a continuation of the positive market trends boosting major indices in recent weeks, said Keith Lerner, Truist’s co-chief investment officer.
“You still have money dripping in even though it’s weakened, and a solid bid underneath the surface as we head into year end,” he said. “That’s likely to continue.”
The S&P 500 also came into Tuesday’s session within striking distance of record levels. The broad market index is less than 1% below its closing all-time high of 4,796.56 set in January 2022.
Wall Street came into the holiday-shortened week with momentum, after the S&P 500 on Friday registered its eighth straight weekly advance and longest streak since 2017. The Dow and Nasdaq Composite also notched an eight-week winning streak.
Those moves come as investors cheer recent data showing inflation is moving closer toward the Federal Reserve’s 2% target. Expectations of potential rate cuts in the new year have also lifted equities in recent weeks.
“I don’t love the term, but if you were to describe what is happening it’s definitely Goldilocks for the market,” said Jan Szilagyi, CEO and co-founder of Toggle AI. “Inflation’s coming down, the economy is still chugging along, and the hiking cycle’s over. On all of these macro trends, the rally has been justified.”
In other news, Intel jumped nearly 5% after Israel’s government gave the chipmaker a $3.2 billion grant for a $25 billion plant in the country’s south. Manchester United added 2% after British billionaire Jim Ratcliffe finalized a deal to buy a quarter of the soccer club.
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