- US stocks climbed Thursday, with investors fueling stocks higher after the Fed meeting on Wednesday.
- The Dow closed at an all-time high in the prior day's trading session.
US stocks climbed on Thursday, extending gains after the Dow's record-breaking trading day on indications the Federal Reserve will cut rates next year.
The Fed kept interest rates unchanged at its latest meeting, but new forecasts opened the door to potentially 75 basis points of cuts in 2024. The yield on the 10-year US Treasury continued to tumble and dipped below 4% on Thursday.
In a note to clients recapping the central bank meeting, Goldman Sachs strategists said they now expect three consecutive rate hikes in March, May, and June of 25 basis points each, followed by quarterly cuts to reach a terminal rate of 3.25%-3.5%. That's 25 basis points lower than their prior estimate.
Meanwhile, retail sales rose 0.3% in November, topping October's 0.2% monthly uptick and estimates for a 0.1% dip, reflecting a still-resilient American consumer.
Here's where US indexes stood as the market opened at 9:30 a.m. on Thursday:
- S&P 500: 4,727.88, up 0.44%
- Dow Jones Industrial Average: 37,193.63, up 0.28% (103.39 points)
- Nasdaq Composite: 14,809.01, up 0.51%
Here's what else is going on:
- The Fed is quietly signaling that stocks are overvalued and a recession is almost certain, according to economist David Rosenberg.
- Apple hit an all-time high as slowing inflation powers Big Tech stocks to more gains.
- Warren Buffett snapped up nearly $600 million of Occidental stock in three days.
- Record-breaking oil production in the US has left OPEC with its lowest crude market share in nearly a decade.
- The SEC is looking to stabilize the $26 trillion Treasury bond market with new rules.
- JPMorgan called Amazon and Alphabet its "top picks" for 2024.
In commodities, bonds, and crypto:
- Oil prices climbed, with West Texas Intermediate up 2.5% to $71.21 a barrel. Brent crude, the international benchmark, rose 2.46% to $76.09 a barrel.
- Gold edged higher 2.41% to $2,045.90 per ounce.
- The 10-year yield moved lower 6 basis points to hover at 3.969%.
- Bitcoin dipped 0.84% to $42,419.