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Dow Jones Today: S&P 500 Closer to All-Time High as Year-End Rally Continues
By: Colin Lidley
Colin is a co-editor specializing in technology and financial news. He has over three years of experience in editing, reviewing, and fact-checking current financial events and politics. He holds a master’s degree in journalism from The New School and a bachelor’s degree in history and political science from McGill University.
Update on December 28, 2023
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Stocks rose on Thursday morning, with the S&P 500, Nasdaq, and Dow Jones Industrial Average each climbing about 0.2%. The S&P 500 hovered near all-time highs, while the Dow Jones reached its highest level yesterday.
Investors received a small gift from the ongoing Santa Claus rally this week so far. The S&P 500 posted gains in the last two sessions, closing just 15 points shy of its all-time high yesterday. Stocks have risen for eight consecutive sessions in hopes that the Federal Reserve is on the verge of cutting interest rates as the U.S. economy approaches a soft landing.
Bond yields rose early on Thursday after falling yesterday. The yield on 10-year government bonds, which dipped below 3.8% for the first time since July yesterday, rose to about 3.83%. Meanwhile, the U.S. dollar lost strength against most major currencies, including the euro and yen. Oil futures prices fell, and gold retreated from its peak yesterday.
Boeing Shares Drop Due to Missing Screw in 737 MAX Best-Seller
Boeing (BA) shares fell on Thursday after the Federal Aviation Administration (FAA) announced that the plane manufacturer had informed it and airlines of a missing screw in the control systems of new 737 MAX aircraft.
Boeing reported the potential defect to regulators and airlines after an unspecified airline discovered a missing screw with a nut during routine maintenance, according to the FAA. Boeing inspected undelivered planes and found a nut that was improperly tightened on one of its aircraft.
This is the latest in a series of setbacks for the company related to the 737 MAX this year. Deliveries of some 737 MAX models were temporarily halted in April after Boeing identified an issue with some parts supplied by Spirit AeroSystems (SPR). The company discovered another manufacturing defect in Spirit-supplied parts in August, leading it to cut its delivery target in October.
The 737 MAX was grounded for nearly two years in March 2019 after the flight stabilization system was involved in two fatal crashes within five months.
Boeing shares traded about 1.2% lower at 11 a.m. ET on Thursday but remained up over 32% for the year.
S&P 500 Heading Toward All-Time High
The S&P 500 rose by 0.1% yesterday, benefiting from a 0.4% increase on Tuesday. If the index rises by 0.3% today (or about 15 points), it will push the index to an all-time high.
By 10:30 a.m. ET, the index had risen by 0.2% to about 4790.60 points.
Stocks That Moved the Most Before Open
Gainers:
– Sociedad Química y Minera S.A. (SQM): Shares of the Chilean chemical mining company rose over 6% after signing an agreement with state-owned Codelco to jointly extract lithium in the Salar de Atacama for the next three decades.
–
JD.com (JD): Shares of the Chinese e-commerce company rose by more than 3% after Bloomberg reported that the company plans to increase wages for “frontline employees,” including purchasing and sales staff.
– Apple Inc. (AAPL): The company’s shares rose by about 0.3% after it announced that it would resume sales of two models of Apple Watches after a federal court suspended an International Trade Commission ban due to a patent infringement lawsuit.
Losers:
– Coinbase Global (COIN): Shares of the cryptocurrency exchange fell by about 3% after the price of Bitcoin dropped below $43,000. The stock has surged nearly 150% in the past three months amid a sharp rise in the cryptocurrency market.
– CytoKinetics Inc. (CYTK): Shares of the medical biopharma company fell by about 2%, giving back some of the gains it made yesterday of 82%. The company added nearly $4 billion in market value yesterday after announcing positive results from its experimental heart disease treatment trial.
Stock futures mixed as Santa rally continues in Nasdaq
Futures linked to the Dow Jones Industrial Average were about 0.1% lower in early trading on Thursday.
Futures for the S&P 500 were virtually flat.
Futures for the Nasdaq 100 rose by about 0.2%.
Sources of the article
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reports, and interviews with industry experts. We also reference original research from other reputable publishers when appropriate.
Federal Aviation Administration. “FAA closely monitoring Boeing 737 MAX inspections.”
Bloomberg. “JD.com prepares to raise wages despite volatility in Chinese consumption.”
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Source: https://www.investopedia.com/dow-jones-today-12282023-8420557
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