US stock indexes closed higher in Wednesday's shortened trading session (December 24), maintaining strong momentum from this week amid expectations that the current economic backdrop continues to support earnings prospects for the coming year.
The S&P 500 rose 0.4% and the Dow jumped 0.7%, both hitting record highs, while the Nasdaq 100 gained 0.3%. Yesterday's third-quarter GDP data was well above expectations for a 4.3% annual expansion, reflecting strong private consumption and curbing concerns that tariffs are hampering spending or fueling a surge in inflation. Meanwhile, initial jobless claims fell and outstanding claims surged, extending views of low hiring and firings in a fragmented labor market.
Tech giants underperformed but maintained their momentum from this week despite lingering concerns about excessive AI capital spending. However, Intel fell 0.5% on reports that Nvidia halted trials that would have used Intel equipment for advanced chips. (alg)
Source: Trading Economics
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