- Stocks surge into the final full trading week of the year, with the Dow Jones Industrial Average hitting an intraday record on Friday. Investors anticipate potential Federal Reserve interest rate cuts in the coming year amid cooling inflation. The Dow, S&P 500, and Nasdaq Composite maintain seven-week winning streaks. Limited economic indicators this week, with focus on earnings from FedEx on Tuesday and Nike on Thursday, may influence market movements. Stay tuned for live market updates.
- The S&P 500 rose Monday as the market maintained it's momentum, as is now 1.2% away from its all-time closing high at 4,796.56 that was reached in January 2022. The Dow Jones Industrial Average was little changed, gaining just 0.86 points, or 0.00%, to 37,306.02. The tech-heavy Nasdaq Composite advanced 0.61% to 14,904.81.
Why it matters
Communication services outperformed in the S&P 500, with the sector up 1.9%. Mega-cap tech names such as Meta Platforms gained nearly 3%, while Google-parent Alphabet jumped more than 2%. U.S. Steel shares surged 26% after Japan’s Nippon Steel said it would buy the company in a deal valued at $14.9 billion.
