Stocks Hold Steady as S&P 500 Nears Record, Positive Streak Continues Amid Limited Trading Week
S&P 500 Approaches Record High in 9-Week Positive Streak, Despite Limited Trading Activity and Legal Woes for Tech Giant Microsoft.
On Wednesday, stocks didn't move much in a week with not a lot of trading. The S&P 500 is almost hitting its highest record at 4,796. The market didn't have big things happening, and big indices like Dow Jones and Nasdaq stayed close to the same level.
The S&P 500 is on a good streak, going up for the ninth week in a row. Since November 1, it's gone up by almost 13%, making it the best run since 2004. Investors are feeling positive, thinking the Federal Reserve might lower interest rates in March, and inflation is getting closer to the central bank's target of 2%. There aren't many signs that the U.S. economy is slowing down a lot.
Even with news coming in this week, it hasn't really changed this positive story, and stock prices keep going up.
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Looking at individual stocks, Microsoft's shares went down a bit. The New York Times is suing Microsoft and OpenAI, saying they used the Times' ideas and property without permission.
The interest rates on Treasury, a kind of government loan, stayed about the same, close to what they were in July. On Wednesday, the 10-year Treasury yield fell a bit, going to 3.84%.
Also Read: Wall Street Gets Ready for a Calm Start to the New Year
