From Nasdaq:

– Wall Street rose in light trading on Wednesday, with Apple and Microsoft leading the charge as bets on interest rate cuts in 2023 buoyed stock prices.
– All three stock indexes are on track for monthly, quarterly, and annual gains, and the S&P 500 is just shy of its record closing high.
– Analysts suggest that reaching new highs after two years is a sign of potential economic strength for 2024.
– Economic data suggests a softening but resilient economy, reinforcing expectations for a Fed rate cut in March.
– The Dow Jones Industrial Average rose 0.22%, the S&P 500 gained 0.17%, and the Nasdaq Composite added 0.14% by 2:09PM ET.

– Utilities saw the largest percentage gain while energy shares dipped due to sagging crude prices. U.S.-listed Chinese company shares also rose, but CytoSorbents and Boeing faltered.
– Declining issues outnumbered advancing ones on both the NYSE and Nasdaq, but the S&P 500 posted 42 new 52-week highs and no new lows.
– Financial markets have priced in a 74.1% probability of a 25 basis points rate cut by the Fed in March.
– Analysts believe Wall Street’s current rally suggests potential for economic strength in 2024, bolstered by data showing a resilient but softening economy.



Read more: US STOCKS-Wall St inches higher as S&P 500 flirts with bull market confirmation