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The Dow and S&P 500 hit new highs for the year as a critical week for markets begins

Dec 12, 2023, 04:18 IST
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Spencer Platt/Getty Images
  • The Dow, S&P 500, and Nasdaq 100 all notched new highs for 2023 on Monday.
  • The rally in the major stock market averages comes as investors prepare for a series of central bank meetings.
  • The Federal Reserve, Bank of England, and European Central Bank are all set to meet this week.
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The Dow, S&P 500, and Nasdaq 100 all jumped to new highs for the year on Monday as investors prepare for a critical week filled with central bank meetings and economic data releases.

All three major averages are within spitting distance of their record highs, and the Dow Jones just notched a new high on a total-return basis.

Investors will get a fresh set of inflation data on Tuesday with the release of the November consumer price index. That will be followed up by the producer price index on Wednesday. The data should help inform the Federal Reserve as policymakers continue to weigh what to do with interest rates, though expectations are that they will keep rates unchanged.

The Fed is set to meet on Tuesday and Wednesday of this week, with the central bank making an interest rate decision on Wednesday, to be followed by a briefing from Chairman Jerome Powell.

Meanwhile, the Bank of England and the European Central Bank will meet Thursday, and both are also widely expected to keep interest rates unchanged.

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Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:

Here's what else is going on today:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil rose 0.35% to $71.48 a barrel. Brent crude, the international benchmark, jumped 0.42% to $76.16 a barrel.
  • Gold dipped 0.90% to $1,996.30 per ounce.
  • The 10-year Treasury yield was flat at 4.23%.
  • Bitcoin declined by 6.84% to $40,795.
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