From Nasdaq:

U.S. stocks saw marginal gains on the cusp of 2023’s end, with the S&P 500 inching closer to its all-time high. This year’s bull market for the index could be confirmed upon breach of the January record close of 4796.56. The Nasdaq 100 is also set to post its best year since 1999.

The artificial intelligence frenzy, optimism around early rate cuts, and a potential soft landing for the U.S. economy have driven stellar Wall Street gains. Risk still remains in the longer term, with inflation seen falling, though possibly not as fast as the market would like. Money markets have given an 88% probability for a 25 basis point Fed rate cut in March.

The dwindling job market indicated by the Labor Department’s report supports the narrative for rate cuts, with state unemployment claims rising to 218,000. Out of the major S&P 500 sectors, the healthcare sector lead with five out of 11 in the green.

The major indexes rose, led by the NASDAQ, and individual stocks such as Alibaba Holdings, PDD Holdings, JD.Com, CytoSorbents, and Boeing saw significant gains or declines.

Stocks saw mixed trading on the NYSE as declining issues slightly outnumbered advancers. The S&P index recorded 37 new 52-week highs and no new lows, while the Nasdaq saw 115 new highs and 27 new lows.



Read more: US STOCKS-Wall St edges up as year end approaches, S&P nears record closing high