The S&P 500 and Dow rose 0.1%, closing at record highs as strength in the technology and energy sectors offset caution related to strong growth data. The Nasdaq also rose 0.1%. Nvidia rose 1% after announcing a licensing deal with AI startup Groq, reviving demand for AI-related stocks and supporting the broader megacap complex. Energy stocks also found support as renewed U.S. action and rhetoric against Venezuelan exports helped support crude oil prices.
At the same time, investors digested the delayed BEA release showing third-quarter GDP grew at a strong annualized pace of 4.3%, bolstering confidence in growth but dampening expectations for rapid Fed policy easing next year. With low volume in the holiday-shortened session, positioning and technical flows dominated, keeping the market resilient but controlled as investors looked ahead to the end of the year. (alg)
Source: Trading Economics
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