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Dow Jones closed at the second highest mark in history


December, 27 2023
watermark Economic news

The US stock market began the last trading week of the year with growth, despite a shortened trading schedule due to Christmas. Investors were evaluating company news in anticipation of interest rate cuts by the Federal Reserve (Fed) next year.


As of today, the probability that the Fed will cut rates by at least 25 basis points in March is estimated by traders at 82%. This is due to a slowdown in the growth of the key inflation indicator (in November, the PCE Core fell to 0.1% from 0.2% on a monthly basis, and to 3.2% from 3.5% on an annual basis), which increases the likelihood of interest rate cuts.


Investors also drew attention to the companies' transactions, including the acquisition of RayzeBio Inc. by Bristol Myers Squibb and the deal between AstraZeneca and Gracell Biotechnologies. FedEx Corp. announced an accelerated repurchase of its shares for $1 billion, which increased its market value.


Intel Corp. She confirmed investments in the construction of a plant in Israel with the partnership of the Israeli government, which led to an increase in the capitalization of the company. It also became known about the agreement of British billionaire Jim Ratcliffe to purchase 25% of Manchester United.


However, shares of Apple Inc. decreased due to the ban on the sale of certain models of smartwatches in the United States due to patent infringement. Southwest Airlines Co. announced the cancellation of hundreds of flights due to weather conditions, which affected its share price.


Thus, the Dow Jones Industrial Average rose by 0.43% to 37,545.33 points, ending the session at the second highest mark in history.

The Standard & Poor's 500 rose by 0.42% to the highest since January 4, 2022, 4,774.75 points.

The Nasdaq Composite added 0.54% to 1,5074.57 points, updating the maximum since January 12 last year.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.