Newscasts - Wall St ticks up, S&P 500 near all-time closing high

GridAI Technologies

27/12/2023 23:09

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_4k0zpzwp&referenceId=tag:reuters.com,2023:newsml_RW850527122023RP1_930&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: The U.S. dollar hit a five-month low, as expectations mounted
that key central banks such as the Federal Reserve will start to cut interest
rates early next year. This report produced by Zachary Goelman.
Short Link: https://refini.tv/48sZGjU

Video Transcript:

US stocks ticked up in low-volume trading on Wednesday, with little
market-moving news to swing momentum one way or another as the S&P hovered
just below bull market confirmation. The Dow Jones Industrial Average rose
0.3%. The S&P 500 and the NASDAQ Composite gained a bit more than 0.1%. Those
modest gains nonetheless meant the Dow notched a new record closing high. The
S&P 500 hovered less than 1%, below a record closing high reached nearly one
year ago. All three indexes remain on course for monthly, quarterly, and
annual gains. But all bets could be off come January 1. Michael Green is the
chief strategist and portfolio manager for Simplify Asset Management. He told
Reuters the recent rally in equities, and its current highs, may simply
reflect investors wanting to put off profit-taking to the new year.

My gut tells me that we're going to see positions reduced in many of the
winners from 2023. So, naturally that should put some pressure on the NASDAQ.
It really feels like January, February, is setting up for some profit-taking,
and the potential for at least some reversal in the move that we've seen from
that October low.

Among the biggest movers on Wednesday, shares of Bit Digital jumped 18.6%,
following the bitcoin miner's announcement that it plans to double its mining
operations. Coherus BioSciences rose 23.6% after the US Food and Drug
Administration approved its drug delivery device for its infection-fighting
treatment. And First Wave BioPharma shares surged almost 50% after the drug
developer agreed to sell its inflammatory bowel disease drug to an undisclosed
company