Stocks closed higher due to strong corporate earnings, positive economic data, and Fed support

From Barchart: 2024-12-23 05:44:55

Stocks on Wall Street closed higher today, with the S&P 500 and Nasdaq reaching record highs. The Dow Jones Industrial Average also saw gains, led by tech stocks like Apple and Microsoft. Analysts attribute the positive performance to strong corporate earnings and optimism about economic recovery.
In economic news, US jobless claims fell to a new pandemic-era low last week, indicating a strengthening labor market. The number of initial unemployment claims dropped to 348,000, lower than economists’ expectations. This marks a significant improvement from earlier in the year and suggests a rebound in hiring.
Meanwhile, the Federal Reserve announced that it will keep interest rates near zero and continue its bond-buying program to support the economy. Fed Chair Jerome Powell emphasized the central bank’s commitment to fostering a strong recovery and achieving maximum employment.
In other developments, cryptocurrency prices surged today, with Bitcoin rising above $40,000 for the first time since June. The rally was fueled by positive sentiment in the market and increased institutional interest in digital assets. Ethereum and other altcoins also saw significant gains, reflecting renewed investor confidence in the crypto sector.