The S&P 500 and Nasdaq 100 indices are on the verge of achieving an impressive eight consecutive weeks of gains following a more significant decline than expected in the Federal Reserve’s favored inflation gauge in November, the Personal Consumption Expenditures
The Personal Consumption Expenditures (PCE) index inflation dropped to its lowest since March 2021, with economists weighing in on Fed's strategy for rate reductions in 2024.,The market continued to demonstrate resilience, with the SPDR S&P 500 ETF Trust (ARCA: SPY) experiencing a slight uptick, rising by 0.3%.
Stocks inched higher during midday trading in New York on Wednesday, with the momentum carrying over from the previous day when the tech-heavy Nasdaq 100 achieved fresh record highs.
The November release of the Personal Consumption Expenditure (PCE) price index stands as the most eagerly anticipated economic event this week. Investors and Fed watchers closely monitor this event, as it provides insights into the future interest rate path.
Mortgage Bankers Association data indicates a significant drop in mortgage rates, hinting at improved affordability and a potential revival in the housing market.,Treasury bond yields have dropped, pushing long-term mortgage rates lower.
Tuesday, December 19, 2023, stands now as a remarkable day in Wall Street’s history, as the technology stocks of the Nasdaq 100 mark a significant milestone, surging to new highs after a hiatus of 758 days since their previous peak.