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Stock Market Today: Live Updates

Stock futures were little changed Thursday evening as Wall Street looks to end a winning year on a high note and perhaps take another step forward.

S&P 500 Futures Contracts increased by less than 0.1%. Dow Jones Industrial Average Futures increased by 17 points, or less than 0.1%, while Nasdaq-100 futures were also slightly higher.

THE S&P500 enters the final trading day of 2023 within 0.5% of a new record high, which could serve as an exclamation point on a rally that has strengthened in the final months of the year.

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The S&P 500 is on the verge of a new record.

The S&P 500 is up 24.6% in 2023, with Dow up 13.8%. THE Nasdaq Composite led the way with a 44.2% gain for the year, its largest annual increase since 2003.

The story for much of 2023 has been excitement around artificial intelligence fueling big gains for “Magnificent 7” stocks like Nvidia and Microsoft, which has strengthened the indexes even as the The average stock struggled amid rising interest rates and fueled the outperformance of technology stocks. Nasdaq.

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The Nasdaq Composite has surged more than 40% in 2023.

But as the Federal Reserve indicated it was likely done with rate hikes and might even cut them several times next year, the yield on the 10-year Treasury rose from more than 5% late October to less than 3.9% on Thursday. Investors have also become more confident in a possible “soft landing” that would allow the U.S. economy to avoid a recession.

As a result, the market rally broadened in the fourth quarter, with the industrial-heavy Dow Jones Index already hitting a series of record highs this month. Small cap Russell 2000 is up nearly 14% in December, on track to have its best month since November 2020.

Ryan Detrick, chief market strategist at the Carson Group, noted Thursday on “Closing Bell” that gains of 10% or more in the last two months of a year are historically a signal that there is more room for maneuver for actions.

“A strong year-end rally like this is not consistent with the end of a bull market. It usually means that the upward momentum, this slingshot, is going to continue,” Detrick said.

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