Highlights
Equities ended slightly better Wednesday in holiday-thinned trading amid underlying buying interest into year end. Declining market interest rates and hopes for rate cuts ahead provided support while weakness in selected megacaps, including Alphabet, restrained the major averages.
The Dow Jones industrial average percent rose 0.3 percent, the S&P 500 percent firmed 0.1 percent, and the Nasdaq was up 0.2 percent. US Treasury yields and oil prices declined. The dollar was mostly higher.
Another strong U.S. Treasury auction, this time the 5-year note after Tuesday's over-subscribed 2-year note sale, underpinned Treasuries to push down market rates, as buyers evidently see yields headed lower. That may reassure stock market skeptics who argue that the recent rally has been overdone.
Among sectors, best were consumer discretionary, industrials, and real estate, while weakest were technology and communication services.
The Dow Jones industrial average percent rose 0.3 percent, the S&P 500 percent firmed 0.1 percent, and the Nasdaq was up 0.2 percent. US Treasury yields and oil prices declined. The dollar was mostly higher.
Another strong U.S. Treasury auction, this time the 5-year note after Tuesday's over-subscribed 2-year note sale, underpinned Treasuries to push down market rates, as buyers evidently see yields headed lower. That may reassure stock market skeptics who argue that the recent rally has been overdone.
Among sectors, best were consumer discretionary, industrials, and real estate, while weakest were technology and communication services.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.
