© Reuters. FILE PHOTO: A Christmas tree is seen outside of the New York Stock Exchange (NYSE) in New York City, U.S., December 13, 2023. REUTERS/Brendan McDermid/File Photo
By Stephen Culp
Exciting news on the markets!
U.S. stocks have ended the week on a mixed note on Friday as investors head into the Christmas holiday weekend. The inflation data has firmed bets for Federal Reserve interest rate cuts in the upcoming year.
With all three indexes turning less decisive in light trading, the afternoon progression has been exciting. Small caps especially outperformed the broader market, with the ending up 0.8%. All three indexes notched their eight consecutive weekly gains, in what has been an exciting rally for the markets.
“In the context of what we’ve seen on a year-to-date basis, it’s actually pretty extraordinary what we’ve seen in the fourth quarter,” said Michael Green, chief strategist at Simplify Asset Management in New York. “Small caps continue their absolute tear.”
It seems like we are heading for an ‘everything’ rally. The Commerce Department’s Personal Consumption Expenditures (PCE) report showed inflation continues to meander down toward the Fed’s average annual 2% target. Together with a separate report showing new orders for core capital goods landing well above analysts’ expectations, the excitement just keeps coming!
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