The S&P 500 is nearing an all-time high for the first time in about two years. Is today the day?
The benchmark index edged higher on Thursday after ending Wednesday just 0.3% shy of the record closing price set in January 2022. This index has come a long way. It’s up 34% from last year’s lows, helped by an impressive rally this quarter.
The US dollar is also attracting attention. The dollar trended lower for the sixth straight session on Thursday, with the WSJ Dollar Index at its lowest level since July.
A weaker dollar is probably not a bad thing. Investor optimism about the global economy was a driving force behind the decline, which accelerated as traders increasingly bet on a Fed rate cut next year. A weaker dollar also means higher profits for U.S. companies with large-scale operations overseas.
Stock indexes rose. All three major U.S. indexes are up slightly, and are expected to rise for the ninth consecutive week. This is the longest streak for the S&P 500 since the nine-week streak that ended on January 3, 2004.
santa rally It seems that it will also appear on the card.
Asian stocks rise following Beijing market prices It appears that the crackdown on video game makers will be eased. Hong Kong’s Hang Seng Index rose 2.5%, and the Shanghai Composite Index rose 1.4%.internet giant tencent and NetEase Each rose more than 2%.
Oil prices fell as traders assessed the risk of shipping disruptions in the Red Sea. Brent crude oil fell more than 1%, trading below $79 a barrel.
Bitcoin falls below $43,000 However, it remains close to its 2023 high.
Government bond yields rose slightly; The yield on the 10-year bond rose above 3.8%.
Data watch: New jobless claims, a measure of layoffs, rose by 12,000 in the week ending Dec. 23 to a seasonally adjusted 218,000, the Labor Department said Thursday. The number was slightly higher than the 215,000 expected by economists.