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Stocks Rally During the Week Due to Economic Confidence
Barchart - Fri Dec 26, 3:48PM CST
The S&P 500 Index ($SPX) (SPY) on Friday fell -0.03%, the Dow Jones Industrials Index ($DOWI) (DIA) fell -0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) fell -0.05%. March E-mini S&P futures (ESH26) fell -0.08%, and March E-mini Nasdaq futures (NQH26) closed -0.07%.
The S&P 500 index on Friday edged to a new record high but then fell back and closed the day slightly lower. Stocks ran out of gas on Friday ahead of the weekend, but the S&P 500 index still closed the week up +1.4%, and the Nasdaq 100 index closed the week up +1.2%.Â
The 10-year T-note yield fell -0.6 bp on Friday, giving the stock market some underlying support. Also, the odds for a FOMC rate cut at its meeting crept back up to 20% from Tuesday's low of 13%.
Stocks saw support during the week from confidence in the US economic outlook after Tuesday's news that US Q3 real GDP rose by +4.3% (q/q annualized), well above market expectations of +3.3%.Â
Gold, silver, and platinum on Friday reached n... Read more
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