{"id":118470,"date":"2024-12-11T21:49:46","date_gmt":"2024-12-11T21:49:46","guid":{"rendered":"https:\/\/quixnet.net\/wpinstance\/stock-market-today-wall-street-gets-back-to-climbing-sending-nasdaq-to-a-record-the-associated-press\/"},"modified":"2024-12-11T21:49:46","modified_gmt":"2024-12-11T21:49:46","slug":"stock-market-today-wall-street-gets-back-to-climbing-sending-nasdaq-to-a-record-the-associated-press","status":"publish","type":"post","link":"https:\/\/quixnet.net\/wpinstance\/stock-market-today-wall-street-gets-back-to-climbing-sending-nasdaq-to-a-record-the-associated-press\/","title":{"rendered":"Stock market today: Wall Street gets back to climbing, sending Nasdaq to a record – The Associated Press"},"content":{"rendered":"

Copyright 2024 The Associated Press. All Rights Reserved.
People gather in front of the New York Stock Exchange in New York\u2019s Financial District on Tuesday, Dec. 10, 2024. (AP Photo\/Peter Morgan)
NEW YORK (AP) \u2014 U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation<\/a><\/span> appeared to clear the way for more help for the economy <\/a><\/span> from the Federal Reserve<\/a><\/span>.
The S&P 500 rose 0.8% to break its first two-day losing streak <\/a><\/span> in nearly a month and finished just short of its all-time high. Big Tech stocks led the way, which drove the Nasdaq composite up 1.8% to top the 20,000 level for the first time. The Dow Jones Industrial Average, meanwhile, lagged the market with a dip of 99 points, or 0.2%.
Stocks got a boost as expectations built that Wednesday\u2019s inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week.
Traders are betting on a nearly 99% probability of that, according to data from CME Group, up from 89% a day before. If they\u2019re correct, it would be a third straight cut by the Fed after it began lowering rates in September <\/a><\/span> from a two-decade high. It\u2019s hoping to support a slowing job market <\/a><\/span> after getting inflation nearly all the way down to its 2% target.
Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation.
\u201cThe data have given the Fed the \u2018all clear\u2019 for next week, and today\u2019s inflation data keep a January cut in active discussion,\u201d according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.<\/p>\n

Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year<\/a><\/span>, with the latest coming last week.
The biggest boosts for the index on Wednesday came from Nvidia and other Big Tech stocks. Their massive growth has made them Wall Street\u2019s biggest stars for years, though other kinds of stocks have recently been catching up somewhat amid hopes for the broader U.S. economy.
Tesla jumped 5.9% to finish above $420 at $424.77. It\u2019s a level that Elon Musk made famous in a 2018 tweet when he said he had secured funding to take Tesla private at $420 per share<\/a><\/span>.
Stitch Fix soared 44.3% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue.
GE Vernova rallied 5% for one of the biggest gains in the S&P 500. The energy company that spun out of General Electric said it would pay a 25 cent dividend every three months, and it approved a plan to send up to another $6 billion to its shareholders by buying back its own stock.
On the losing end of Wall Street, Dave & Buster\u2019s Entertainment tumbled 20.1% after reporting a worse loss for the latest quarter than expected. It also said CEO Chris Morris has resigned, and the board has been working with an executive-search firm for the last few months to find its next permanent leader.
Albertsons fell 1.5% after filing a lawsuit against Kroger, saying it didn\u2019t do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Albertsons said it\u2019s seeking billions of dollars in damages from Kroger, whose stock rose 1%.
A day earlier, judges in separate cases<\/a><\/span> in Oregon and Washington nixed the supermarket giants\u2019 merger. The grocers contended a combination could have helped them compete with big retailers like Walmart, Costco and Amazon, but critics said it would hurt competition.
After terminating the merger agreement with Kroger, Albertsons said it plans to boost its dividend 25% and increased the size of its program to buy back its own stock.
Macy\u2019s slipped <\/a><\/span> 0.8% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue.
All told, the S&P 500 rose 49.28 points to 6,084.19. The Dow dipped 99.27 to 44,148.56, and the Nasdaq composite rallied 347.65 to 20,034.89.
In the bond market, the yield on the 10-year Treasury rose to 4.27% from 4.23% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, edged up to 4.15% from 4.14%.
In stock markets abroad, indexes rose across much of Europe and Asia.
Hong Kong\u2019s Hang Seng was an outlier and slipped 0.8% as Chinese leaders convened an annual planning meeting<\/a><\/span> in Beijing that is expected to set economic policies and growth targets for the coming year.
South Korea\u2019s Kospi rose 1%, up for a second straight day as it climbs back following last week\u2019s political turmoil<\/a><\/span> where its president briefly declared martial law.
AP Writers Matt Ott and Zimo Zhong contributed.
Copyright 2024 The Associated Press. All Rights Reserved.<\/p>\n

source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Copyright 2024 The Associated Press. All Rights Reserved.People gather in front of the New York Stock Exchange in New York\u2019s Financial District on Tuesday, Dec. 10, 2024. (AP Photo\/Peter Morgan)NEW YORK (AP) \u2014 U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation appeared to clear the way for more […]<\/p>\n","protected":false},"author":1,"featured_media":118471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[10],"tags":[],"class_list":{"0":"post-118470","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world","8":"entry"},"_links":{"self":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts\/118470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/comments?post=118470"}],"version-history":[{"count":0,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts\/118470\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/media\/118471"}],"wp:attachment":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/media?parent=118470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/categories?post=118470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/tags?post=118470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}