S&P 500 sits within fraction of record as stocks set for final day of roaring 2023
Stocks poked mostly higher on Thursday as a high-flying 2023 neared an end on Wall Street.
The S&P 500 (^GSPC) hovered near an all-time closing high of 4,796.56 for the second straight day. The benchmark average increased just 0.04% on Thursday. Meanwhile the Dow Jones Industrial Average (^DJI) added 0.14%, or about 50 points, while the tech-heavy Nasdaq Composite (^IXIC) slipped just below the flat line.
Still, the Nasdaq has gained more than 44% this year. If that holds through the final day of trading in 2023 on Friday, it would be the major average’s best year since 2003.
Stocks entered Thursday looking to amass a ninth straight week of gains. If the S&P 500 does notch another positive week, it would be the longest weekly winning streak for the benchmark average since 2004.
Fresh economic data showed that unemployment claims ticked slightly higher in the week ending Dec. 23. Americans filed 218,000 jobless claims, up from 205,000 the week prior and above the 210,000 economists had projected.
Broadly, economists have been closely tracking the labor market for any signs of weakness that could indicate the US economy is headed for a broader slowdown in 2024, but Thursday’s data did little to increase any concerns.
“Businesses have been extremely reticent to let go of workers that they struggled to find over the last 3 years,” Jefferies US economist Thomas Simons wrote in a note to clients on Thursday. “We doubt that they will be able to hold on to everyone indefinitely, but they’re going to try. … The chances of a soft landing in the labor market have increased, but a landing of some sort is coming for sure.”
Also in economic data, the latest release of the index for pending home sales stayed at 71.6 in November, the National Association of Realtors (NAR) said on Thursday. The index reading was the lowest since the index’s founding in 2001 and came in below the 0.9% increase economists had expected.
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Also in housing data, the rate on the 30-year fixed mortgage declined to 6.61% from 6.67% the week prior, according to data released by Freddie Mac on Thursday. Mortgage rates are now at their lowest levels since May.
Josh Schafer is a Reporter for Yahoo Finance.
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