Year-end comeback lifts S&P 500 to brink of record highs on Tuesday | InterPrac

Year-end comeback lifts S&P 500 to brink of record highs on Tuesday

Year-end comeback lifts S&P 500 to brink of record highs on Tuesday


The S&P 500 rose Tuesday, approaching its record high, as the Federal Reserve’s recent dovish shift on rates lifted stocks.

The S&P 500 gained 0.59 per cent to 4,768.37. With Tuesday’s gain, the broad market index is about 0.6 per cent from surpassing its record close and 1 per cent from equaling its intraday record, both set in January of 2022.

The Dow Jones Industrial Average rose 251.90 points, or 0.68 per cent, to 37,557.92. The Nasdaq Composite advanced 0.66 per cent to 15,003.22. It was the first time the tech-heavy index closed above the 15,000 level since January 2022.

The Nasdaq-100 gained 0.49 per cent to 16,811.85, reaching a new all-time intraday and closing high.

Walgreens Boots Alliance was the best performer in the Dow, with shares up by 4.2 per cent. Meanwhile, solar stocks Enphase Energy and First Solar were among the biggest S&P 500 advancers, up by about 9 per cent and 4 per cent, respectively.

Energy stocks outperformed, with the S&P 500 sector up by 1.2 per cent as oil prices rose. Occidental Petroleum shares gained 2.3 per cent, while Halliburton and Exxon Mobil shares were each higher by more than 1 per cent.

Consumer Staples recorded the fewest gains.

Equities have hit rally mode as of late, with last week’s indication of three likely interest rate cuts from the Federal Reserve in 2024 providing a catalyst for the market. Signs of cooling inflation and a pullback in Treasury yields have also helped risk assets during what’s already a typically strong season for equities.


The SPI futures are pointing to a 0.5 per cent gain.


One Australian dollar at 8:20 AM was buying 67.62 US cents.


Gold added 0.63 per cent. Silver gained 1.03 per cent. Copper rose 1.39 per cent. Oil gained 1.34 per cent.

Figures around the globe

European markets closed higher. London’s FTSE added 0.31 per cent, Frankfurt gained 0.56 per cent, and Paris closed 0.08 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei gained 1.41 per cent, Hong Kong’s Hang Seng lost 0.75 per cent while China’s Shanghai Composite closed 0.05 per cent higher.

The Australian share market closed 0.84 per cent higher at 7,489.07

Dividends payable
Elders Ltd (ASX:ELD)
Dalrymple Bay Infrastructure Ltd (ASX:DBI)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.


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