"The benchmark S&P 500 touched an intraday record high of 6,921.42 points, surpassing its previous peak in October, as investors continued to bet on more interest rate cuts from the Federal Reserve next year following mixed economic data. The U.S. economy grew at its fastest pace in two years in the third quarter, government data showed on Tuesday, after the release was delayed by a 43-day federal shutdown."
""Despite ongoing seasonal volatility, initial jobless claims remain in ranges consistent with relatively steady labor market conditions and don't change our outlook for the labor market or Fed policy," said Nancy Vanden Houten, lead economist at Oxford Economics. Trading volumes were thin, with U.S. stock markets set to close at 1 p.m. ET (1800 GMT) on Wednesday."
The S&P 500 hit an intraday record high of 6,921.42 as investors increased bets on potential Federal Reserve rate cuts next year amid mixed economic signals. U.S. GDP grew at its fastest pace in two years in the third quarter after a delayed release, while December consumer confidence weakened and November factory production was flat. New applications for U.S. jobless benefits unexpectedly fell on December 24. Seasonal volatility in initial jobless claims remains consistent with relatively steady labor market conditions and does not change the outlook for labor market or Fed policy. Micron and bank stocks led gains during thin, shortened Christmas Eve trading, and hopes of a seasonal "Santa Claus rally" surfaced.
Read at Fast Company
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