Stocks Surge Before Holidays, Fed Rate Cut Unlikely

Stocks closed higher ahead of Christmas, with the S&P 500 hitting a new record. The Dow and Nasdaq also gained modestly. Markets were cautious, closing early at 1 PM EST. A drop in the 10-year Treasury yield boosted stocks. Jobless claims fell, indicating a solid labor market, but continuing claims rose. Europes Stoxx 50 was down slightly, while Chinas Shanghai Composite gained. Chinas central bank maintained a cautious stance. Key movers included Nike surging on Apples Tim Cooks share purchase, Intel dipping on Nvidias chip tech pause, and Coinbase slipping while Riot Platforms rose. Futures suggest a quiet open, with a low chance of a Fed rate cut. Wall Streets record run continues into the holidays.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.