US Stocks Continue to Gain, Nike Leads, Intel Under Pressure
US stocks closed a shortened session with their longest winning streak since November on Wednesday, amid quieter trading ahead of the holidays. The S&P 500 closed 0.3% higher, extending its winning streak to a fifth day. Nike Inc. was the best-performing stock after Apple Inc. CEO Tim Cook bought $2.95 million worth of shares, providing a positive boost to the market.
The tech-heavy Nasdaq 100 also gained 0.3%, while the Dow Jones Industrial Average rose 0.6%. However, the US stock market closed early at 1 p.m. on December 24 and will be closed on Christmas Day, marking a thinner trading session.
Initial jobless claims came in at 214,000 for the week ending December 20, lower than market expectations. Meanwhile, continuing jobless claims rose to 1.9%, and mortgage applications fell for the second straight week, indicating some strain in the housing sector.
The market now expects only two interest rate cuts by the Federal Reserve next year. US President Donald Trump continues to push for more aggressive rate cuts, revealing his plan to select a new Fed chairman who agrees with lower interest rates.
In individual markets, Intel Corp. shares fell after Nvidia Corp. reportedly halted trials to use Intel's production process in advanced chip manufacturing.
Source: Newsmaker.id
