Stocks inched higher on Wednesday amid a shortened week of trading and few major catalysts to drive market action.
The S&P 500 (^GSPC) neared an all-time high close of 4,796.56 on Wednesday but couldn't muster gains to close at a new record. The Dow Jones Industrial Average (^DJI) led gains, adding 0.3% while the tech-heavy Nasdaq Composite and the S&P 500 added more than 0.1%.
For the year, all three major averages are up double digits. The S&P 500 has risen more than 24% while the Dow Jones is up over 13%. The Nasdaq has led gains, adding about 44% thus far this year.
Investors were looking to the markets to extend two months of gains. As of Wednesday afternoon, the S&P 500 is headed for its ninth straight week of increases, which would mark its best run since 2004. The major average has gained roughly 13% since Nov. 1.
The surge higher in stocks over the past two months has come as investors have increased bets that the Federal Reserve will cut interest rates in March and inflation falls closer to the central bank's 2% target with few signs that the US economy is set for a full-on slowdown.
The news flow so far this week has done little to change that narrative as equity prices have drifted higher.
In individual stock moves, shares of The New York Times Company rose more than 2% (NYT) after the newspaper chain sued Microsoft (MSFT) and OpenAI for copyright infringement.
Meanwhile, Apple won a bid to pause a ban on sales of its Apple Watch Series 9 and Watch Ultra 2 in the US. The court had previously paused sales over a patent dispute with medical technology firm Masimo (MASI). Shares of Masimo fell more than 4% on the news while Apple stock was near flat on the day.
Treasury yields continued to hover near levels not seen since July. The 10-year Treasury yield (^TNX) fell almost 10 basis points to 3.79% on Wednesday.
Josh Schafer is a reporter for Yahoo Finance.
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The Link LonkDecember 28, 2023 at 01:36AM
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Stock market news today: Stocks drift higher as S&P inches toward record - Yahoo Finance
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