Yahoo Finance published this video item, entitled “Stock Market news: Stocks close higher as Dow notches fifth straight record Dec 19 | Yahoo Finance” – below is their description.
US stocks closed high on Tuesday, with an eighth weekly win still within reach as investors stayed upbeat on the prospect of interest rate cuts despite warnings those hopes are overdone.
The Dow Jones Industrial Average (^DJI) climbed roughly 0.7%, or more than 250 points — its fifth straight record close. The tech-heavy Nasdaq Composite (^IXIC) also ticked up about 0.7%, while the benchmark S&P 500 (^GSPC) jumped around 0.6%.
The Dow Jones Industrial Average (^DJI) climbed roughly 0.5%, or nearly 200 points, while the benchmark S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) each ticked up about 0.4%.
The strong gains come as Federal Reserve officials tried to quell bets on a rate cut as early as March. They said it’s “premature” to be convinced the central bank is done with rate hikes and signaled its policy will still be data-driven.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Meanwhile, the Bank of Japan decided on Tuesday to keep interest rates below zero and gave no hint of when it might exit negative levels.
But as US stocks hold onto gains, investors appear to be looking through those cautionary signs — for now. Friday’s update on the Personal Consumption Expenditures price index, the Fed’s preferred inflation measure, will likely help make the argument for or against faster and earlier cuts.
Investors are also keeping an eye on oil prices, as more companies join BP in avoiding transits through the Red Sea after attacks on shipping in the important trade route. West Texas Intermediate (CL=F) inched up to trade just below $74 a barrel while Brent crude futures (BZ=F) traded above $79 a barrel.
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