June 13, 2024

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U.S. Stocks Finish Choppy Session Slightly Higher, Post Strong Weekly Gains

2 min read

Following the lackluster performance seen during Thursday’s session, stocks continued to experience choppy trading on Friday. The major averages spent the day bouncing back and forth across the unchanged line before closing slightly higher.

The S&P 500 edged up 5.78 points or 0.1 percent to 4,514.02, the Nasdaq inched up 11.81 points or 0.1 percent to 14,125.48 and the Dow crept up 1.81 points or less than a tenth of a percent to 34,947.28.

Despite the lackluster performance, the tech-heavy Nasdaq reached its best closing level in well over three months and the S&P 500 reached its best closing level in well over two months.

Reflecting strong gains earlier in the week, the Nasdaq surged by 2.4 percent for the week, while the S&P 500 and the Dow jumped by 2.2 percent and 1.9 percent, respectively.

The continued choppy trading on Wall Street came as traders seemed to be taking a moment to assess the recent strength in the markets.

Optimism about the outlook for interest rates has contributed to the recent advance, as the latest data has shown signs of easing inflation.

The data has reinforced investors’ expectations that the Federal Reserve will refrain from raising interest rates over the next several months before cutting rates in mid-2024.

The Fed’s next monetary policy meeting is scheduled for December 12-13, with CME Group’s FedWatch Tool currently indicating a 100.0 percent chance the central bank will leave rates unchanged.

However, some economists have suggested Fed officials will maintain a somewhat hawkish tone to avoid the appearance of declaring victory over inflation too soon.

In U.S. economic news, the Commerce Department released a report showing an unexpected increase in new residential construction in the month of October.

The report said housing starts jumped by 1.9 percent to an annual rate of 1.372 million in October after surging by 3.1 percent to a downwardly revised rate of 1.346 million in September.

Economists had expected housing starts to dip to a…

2023-11-17 16:20:27

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