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S&P Hits Year-Long High

Friday, December 08, 2023 04:29 PM | Baystreet via QuoteMedia

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S&P Hits Year-Long High

Stocks rose on Friday to hit a new high for the year after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a so-called soft-landing scenario.

The Dow Jones Industrials rocketed 130.36 points to 36,247.74.

The S&P 500 progressed 18.79 points to 4,604.38.

The S&P 500 posted its highest close of the year last week, but had yet to exceed its 2023 intraday high set in July until Friday, when it topped 4,609 in afternoon trading. The benchmark is now up 20% on the year and trading at its highest level back to March 2022.

The NASDAQ gained 63.98 points to 14,403.97.

For the week, the NASDAQ gained 0.7%, while the S&P was up 0.3%. The Dow was on track for a 0.1% gain.

Shares of Boeing, FedEx, and Costco hit new highs for the year on Friday as investors bet the economy would skirt a recession.

November's non-farm payrolls report showed an unexpected drop in the unemployment rate,

The jobless rate fell to 3.7% in November from 3.9% the prior month. It was expected to remain the same. The economy added 199,000 jobs, slightly ahead of the 190,000 estimate from Dow Jones and well ahead the 150,000 jobs added in October.

Meanwhile, a closely watched University of Michigan survey showed inflation expectations drop and consumer sentiment jump in December to its highest level since July.

Prices for the 10-year Treasury fell, raising yields to 4.23% from Thursday's 4.14%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.85 to $71.19 U.S. a barrel.

Gold prices dipped $27.70 to $2,018.90.

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