U.S. Stocks Rise as S&P 500 Posts a New Record Close
U.S. stock markets extended their gains on Tuesday, rising for a fourth consecutive session, with the S&P 500 closing at a new record high amid strong momentum in technology stocks, despite the release of mixed economic data.
According to government data released earlier in the day, the preliminary reading of U.S. gross domestic product (GDP) showed the economy expanded at an annualized rate of 4.3% in the third quarter, up from 3.8% in the second quarter, and well above market expectations of 3.3% growth.
Meanwhile, data from the FedWatch Tool indicated that the probability of a 25-basis-point interest rate cut in January declined to 13.3%, down from 19.9% the previous day and 24.4% a week earlier, reflecting reduced expectations for near-term monetary easing.
Commenting on the data, White House economic adviser and Federal Reserve chair nominee Kevin Hassett described the figures as “excellent,” highlighting the continued strength of the U.S. labor market.
Separately, U.S. President Donald Trump stated that his nominee for the Federal Reserve should ensure that monetary policy decisions remain aligned with his economic vision.
At the close of trading, the Dow Jones Industrial Average rose 0.2%, or 79 points, to 48,442, after touching an intraday high of 48,527 and a low of 48,254.
The broader S&P 500 gained 0.5%, or 31 points, to finish at 6,909, marking a fresh all-time closing high. The index recorded a session high of 6,911 and a low of 6,869.
Meanwhile, the Nasdaq Composite climbed 0.6%, or 133 points, to 23,562, after reaching a high of 23,563 and a low of 23,377.
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