Stock Market Soars: Major Indexes Hit Record Highs on December 5, 2024
Market Overview: Why Is the Market Up Today?
The stock market today, Thursday, December 5, 2024, is experiencing a significant surge, with all three major indexes reaching new record highs. This impressive performance is driven by a robust tech rally and positive economic indicators. Investors are showing increased confidence following Federal Reserve Chair Jerome Powell’s recent comments about the U.S. economy being in “remarkably good shape” .
Current Market Indexes Performance
As of the latest trading session:
– S&P 500 (^GSPC): Up 0.61% to 6,086.49, setting a new all-time high
– Dow Jones Industrial Average (^DJI): Gained 0.69% to 45,014.04, surpassing the 45,000 mark for the first time in history
– Nasdaq Composite (^IXIC): Climbed 1.30% to 19,735.12, also reaching a record close
The technology sector is leading the charge, with the Technology Select Sector SPDR Fund (XLK) hitting its first all-time high since July, up 1.5% .
Major Stock News and Movements
Several prominent companies are making headlines in today’s market:
1. Salesforce (CRM): Surged 11% after beating quarterly revenue expectations, boosting hopes for its AI products .
2. Amazon (AMZN) and Apple (AAPL): Both tech giants hit intraday all-time highs .
3. Nvidia (NVDA): Gained over 3%, approaching its own record .
4. Marvell Technology (MRVL): Skyrocketed more than 21% following better-than-expected fiscal Q3 results .
5. Roku (ROKU): Jumped 11% amid analyst speculation about potential acquisition .
6. Eli Lilly (LLY): Rose nearly 3% after positive results from its Zepbound obesity drug trial .
Upcoming Market Events and Economic Indicators
Investors are closely watching several key events that could impact the market in the coming days:
1. U.S. Employment Data: The November jobs report is due on Friday, December 6. Economists expect an addition of 214,000 jobs .
2. Federal Reserve Meeting: The last Fed rate policy meeting of the year is scheduled for December 18. There’s a 77% probability of a 25 basis point rate cut, up from 67% a week ago .
3. ADP Employment Report: The latest report showed private payrolls grew less than expected in November, with 146,000 jobs added versus the anticipated 163,000 .
Market Outlook and Expert Opinions
Analysts are optimistic about the market’s future performance:
– Lori Calvasina, RBC Capital Markets head of U.S. equity strategy, predicts the S&P 500 will end next year at 6,600, citing potential GDP growth of 2% to 3% .
– Wells Fargo’s Christopher Harvey has set a bullish target of 7,007 for the S&P 500, highlighting a “cyclical opportunity catalyzed by upward GDP revisions” .
– Nancy Tengler, CEO of Laffer Tengler Investments, suggests that the tech sector still has room for growth despite recent outperformance .
Conclusion: Market News Today
The stock market’s performance on December 5, 2024, demonstrates strong momentum across major indexes, particularly in the technology sector. With record highs being set and positive economic indicators, investor sentiment remains bullish. However, upcoming economic data releases and the Federal Reserve’s decision on interest rates will be crucial in determining the market’s direction in the near term.
As always, investors should remain vigilant and consider their individual financial goals and risk tolerance when making investment decisions in this dynamic market environment.
