STOCK NOW S&P 500's year-end rally lifts 51 stocks to a...

S&P 500’s year-end rally lifts 51 stocks to a record close

-

- Advertisment -

It has been a record day for 10% of the S&P 500.

A group of 51 stocks in the benchmark equity index swept to record finishes on Tuesday, the most since April 20, 2022, according to a tally from Dow Jones Market Data.

It was a record day for 51 stocks in the S&P 500.


Dow Jones Market Data

Stocks that logged a record close on Tuesday included Allstate Corp
ALL,
+0.90%,
Costco Wholesale
COST,
+0.90%,
D.R. Horton, Inc.
DHI,
+0.65%,
Mastercard
MA,
+1.21%,
T-Mobile US Inc.,
TMUS,
+1.00%
Visa Inc.
V,
+1.19%
and Waste Management Inc.,
WM,
+1.85%
among others.

Equities have been in a year-end rally mode, driven higher by tumbling benchmark yields that finance much of the U.S. economy and expectations of coming interest-rate cuts.

The 10-year Treasury rate
BX:TMUBMUSD10Y
fell to 4.2% on Tuesday from a high of about 5% in October.

The Dow Jones Industrial Average
DJIA
on Tuesday ended at its third-highest level on record, while the S&P 500 index
SPX
and Nasdaq Composite Index
COMP
added to a string of new closing highs for 2023. The Dow finished 0.6% away from its record close logged almost two years ago, while the S&P 500 was only 3.2% below its close from the same period, according to Dow Jones Market Data.

The push higher for stocks followed inflation data for November that showed price pressures continued to ease from peak levels, but still were above the Fed’s 2% annual target.

The consumer-price index pegged the annual rate of inflation at 3.1%, down from 3.2% in October, with the “last mile” of inflation expected to be the hardest part to tame.

Investors now will be focused on Wednesday’s Federal Reserve decision. Short-term interest rates are expected to remain unchanged at a 22-year high, but the central bank is expected to update its “dot plot” forecast of rates over a longer time horizon.

“Although the market will focus on the timing of rate cuts, we suspect Chair Powell will be keen to strike notes of caution to avoid financial conditions easing too much further to ensure the Fed continues to see encouraging progress on inflation,” said Emin Hajiyev, senior economist at Insight Investment, in emailed comments.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Kim Kardashian wears sexy knitted black dress as she joins Hollywood stars Cher, Tom Brady and Sylvester Stallone at grand opening of the new...

Kim Kardashian made a low-key arrival at the launch of the launch of Fontainebleau Las Vegas — the newest upscale resort in...

Nifty Today | Share Market Live Updates: Sensex surges 850 pts; Nifty tops 21,400; TCS, Infy, HCL Tech lead

Nifty Today | Share Market Live Updates: India's key stock indices are seeing strong gains, hitting new...

Popularity is still on the rise for the only two Paralympic exclusive sports

One sport is hundreds, possibly thousands, of years old while the other is a relative newcomer. Nevertheless, they do have...
- Advertisement -

In South Korea, more young people say marriage ‘not necessary’ as nation’s birth rates plummet

“I don’t like either scenario. I will make a living for myself and myself alone is enough,” he said.Children...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you