As trading remains relatively light ahead of the New Year holiday, stocks are drifting on Wall Street. The S&P 500 is up 0.1% early Wednesday, while the Dow and Nasdaq show little change. Despite the subdued holiday trading, markets are holding on to small gains for the week so far. The S&P 500 has experienced its eighth straight winning week, with major indexes on track to post significant annual gains. With just three days left in the year, the S&P 500 is up 24% for the year, while the Nasdaq, heavily weighted with technology companies, has surged 44%. Stay informed on the latest market updates and trends as we approach the New Year.
Market Update: Stocks Drifting Ahead of New Year
As trading remains relatively light ahead of the New Year holiday, stocks are drifting on Wall Street. The S&P 500 is up 0.1% early Wednesday, while the Dow and Nasdaq show little change.
Despite the subdued holiday trading, markets are holding on to small gains for the week so far. The S&P 500 has experienced its eighth straight winning week, with major indexes on track to post significant annual gains.
With just three days left in the year, the S&P 500 is up 24% for the year, while the Nasdaq, heavily weighted with technology companies, has surged 44%. Stay informed on the latest market updates and trends as we approach the New Year.
Impressive Annual Gains for Major Indexes
The S&P 500 is coming off its eighth straight winning week, with major indexes on track to post hefty annual gains. The S&P 500 is up 24% for the year, while the Nasdaq, which is heavily weighted with technology companies, is up 44%.
Investors have been encouraged by reports showing inflation is on the decline even as the economy appears stronger than expected.
The Federal Reserve is walking a tightrope, seeking to slow the economy enough through elevated interest rates to cool inflation, but not so much that it tips the nation into recession.
Global Market Update: Steady Trading After the Holiday
In Europe, markets were steady in the first trading day after the holiday. Germany’s DAX and Paris's CAC 40 each gained 0.3%, while Britain’s FTSE 100 was up 0.6%.
Tokyo’s Nikkei 225 index added 1.2% as details of a policy meeting by the Bank of Japan showed officials divided about the timing and need to shift away from the central bank’s longstanding lax monetary policy.
Hong Kong’s Hang Seng index rose 1.8% and the Shanghai Composite gained 0.5% with Chinese video gaming companies recouping losses in the first Hong Kong trading session after the government attempted to alleviate market fears about draft guidelines to impose controls over how companies earn money from games.
The Kospi in Seoul was up 0.4% and in Sydney, the S&P/ASX 200 was 0.8% higher.
Oil Prices and Currency Update
In other trading early Wednesday, U.S. benchmark crude oil fell $1.33 to $74.24 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, slid $1.18 to $79.67 per barrel.
The U.S. dollar rose to 142.60 Japanese yen from 142.38 yen, while the euro rose to $1.1066 from $1.1044.