Stock markets continued the bullish momentum today again, as risk sentiment remained positive, with FED’s Powell also helping late in the US session.
The three main U.S. market indices reached record highs today, with the Nasdaq leading the way. The small-cap Russell 2000 also posted a solid gain of 10 points, or 0.5%, closing at 2,426.56. However, it remains below its all-time high of 2,442, set in November 2021. Markets faced a busy day filled with mixed signals.
Nasdaq Chart Daily – The Bullish Momentum Continues
Economic data revealed a weaker-than-expected ISM services figure, which weighed on the U.S. dollar and briefly pushed the euro to a session high. However, remarks from Federal Reserve Chair Jerome Powell about the resilience of the U.S. economy tempered those gains, providing additional support for equities as the trading day closed.
The day’s economic data painted a challenging picture. The ADP employment report showed a sharp drop to 146K in November, with October figures revised downward by around 50K. Similarly, the Services PMI experienced a significant decline. Despite these setbacks, Powell’s optimism about the broader U.S. economy helped to offset negative sentiment, fueling the rally in stock markets.
Closing Levels for Main US Indices
- Dow Jones Industrial Average: +308 points (+0.7%) to 45,014
- S&P 500: +36 points (+0.5%) to 6,086
- Nasdaq Composite: +254 points (+1.5%) to 19,735
- Russell 2000 (small caps): +10.21 points (+0.5%) to 2,426
Notable Stock Gainers
- Salesforce Inc (CRM): +11.05%
- Block (SQ): +6.17%
- Snowflake (SNOW): +6.05%
Key Performers in Tech and Retail Sectors
- Amazon: +2.21%
- Apple: +0.15%
- Meta: +0.02%
- Nvidia: +3.48%
- Microsoft: +1.44%
- Alphabet: +1.77%
- Oracle: +2.90%
- Tesla: +1.85%
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