FX.co ★ S&P 500 Rises to New Record High

U.S. stocks experienced a modest uptick during a shortened trading session on Wednesday, continuing the positive momentum seen throughout the week. This upward trend is attributed to prevailing expectations that the current economic climate will benefit earnings prospects for the upcoming year. All three major indices experienced slight gains, with the S&P 500 notching a new record high. The GDP report for the third quarter, revealed yesterday, exceeded expectations with an impressive annualized growth of 4.3%, driven by strong private consumption. This has eased concerns that tariffs might have dampened spending or led to a surge in inflation. Additionally, initial jobless claims decreased while ongoing claims increased, reinforcing the perception of low hiring and firing in a nuanced labor market. Technology giants have managed to retain most of their gains from earlier in the week, even amid ongoing skepticism that valuations in the sector may be inflated. Nevertheless, Intel's shares dipped by 2% following reports that Nvidia has paused a test involving Intel’s technology for chips. Markets will be closed on Thursday in observance of Christmas holidays.