US close: Stocks extend FOMC-fuelled rally

(Sharecast News) - Wall Street stocks added to the previous session's gains triggered by more dovish than expected interest rate forecasts from the Federal Reserve. At the close, the Dow Jones Industrials was up 0.43% at 37,248.35, while the S&P 500 advanced 0.26% to 4,719.55 and the Nasdaq Composite saw out the session 0.19% to 14,761.56.

In parallel, the yield on the benchmark 10-year US Treasury note was roughly ten basis points lower at 3.923%, while its two-year counterpart was trading hands at 4.403%.

Thursday's gains come after the blue-chip Dow index jumped more than 1% on Wednesday to hit a fresh record high of more than 37,000 on the back of hints from the Federal Open Market Committee that rates will be cut up to three times in 2024, instead of two.

Also in focus throughout the session was a spate of economic data all came in ahead of forecasts. Retail sales volumes for November were reported by the Department of Commerce, up 0.3% month-on-month, ahead of consensus for a -0.1% drop, while the Labor Department revealed initial jobless claims for the week ending on 9 December fell by 19,000 to 202,000. So too, import prices declined at a month-on-month clip of 0.4% in November, better than consensus estimates for a -0.8% drop.

In the corporate space, shares of Adobe were down by 7% following somewhat muted guidance for both earnings and revenue in 2024.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Caterpillar Inc. (CAT) $285.17 6.42% Goldman Sachs Group Inc. (GS) $383.47 5.72% Chevron Corp. (CVX) $149.93 3.68% Dow Chemical Co. (DOW) $54.23 3.63% 3M Co. (MMM) $107.04 2.74% American Express Co. (AXP) $178.86 2.46% Home Depot Inc. (HD) $351.81 2.45% Verizon Communications Inc. (VZ) $37.87 2.38% Boeing Co. (BA) $256.24 2.12% Walgreens Boots Alliance, Inc. (WBA) $25.14 2.07%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $534.24 -2.69% Procter & Gamble Co. (PG) $144.60 -2.64% Microsoft Corp. (MSFT) $365.93 -2.25% McDonald's Corp. (MCD) $290.02 -2.00% Amgen Inc. (AMGN) $276.32 -1.88% Coca-Cola Co. (KO) $59.04 -1.49% Visa Inc. (V) $258.73 -1.39% Travelers Company Inc. (TRV) $182.77 -1.32% Walmart Inc. (WMT) $152.17 -1.22% Merck & Co. Inc. (MRK) $105.93 -1.15%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $0.53 14.91% Macerich Co (MAC) $16.40 12.48% CenturyLink Inc. (LUMN) $1.77 12.03% Align Technology Inc. (ALGN) $257.02 11.09% Foot Locker Inc. (FL) $31.38 9.99% Zions Bancorporation (ZION) $45.67 9.21% Fifth Third Bancorp (FITB) $35.14 8.62% Dish Network Corp. (DISH) $4.82 8.56% VF Corp. (VFC) $20.39 8.40% Mohawk Inds Inc. (MHK) $105.75 8.37%

S&P 500 - Fallers

Ameren Corp. (AEE) $75.02 -7.75% Gallagher Arthur J (AJG) $226.84 -7.41% Everest Group (EG) $360.78 -6.73% Adobe Systems Inc. (ADBE) $584.64 -6.35% Marsh & McLennan Companies Inc. (MMC) $191.11 -5.25% Aon plc (AON) $318.03 -5.16% Cardinal Health Inc. (CAH) $102.62 -4.96% Verisk Analytics Inc. (VRSK) $235.43 -4.77% Northrop Grumman Corp. (NOC) $463.66 -4.40% Progressive Corp. (PGR) $153.55 -4.36%

Nasdaq 100 - Risers

Align Technology Inc. (ALGN) $257.02 11.09% Dish Network Corp. (DISH) $4.82 8.56% Qurate Retail Inc. (QRTEA) $1.01 6.46% Hasbro Inc (HAS) $51.28 6.02% Tesla Inc (TSLA) $251.05 4.91% Sirius XM Holdings Inc (SIRI) $5.69 4.79% Lam Research Corp. (LRCX) $767.21 4.43% Texas Instruments Inc (TXN) $168.78 4.31% Analog Devices Inc. (ADI) $200.17 4.11% Skyworks Solutions Inc. (SWKS) $113.41 4.07%

Nasdaq 100 - Fallers

Adobe Systems Inc. (ADBE) $584.64 -6.35% Verisk Analytics Inc. (VRSK) $235.43 -4.77% Mondelez International Inc. (MDLZ) $70.70 -3.30% O'Reilly Automotive Inc. (ORLY) $951.12 -3.28% Synopsys Inc. (SNPS) $551.45 -2.93% Workday, Inc. (WDAY) $270.78 -2.83% Check Point Software Technologies Ltd. (CHKP) $144.80 -2.67% Cadence Design Systems Inc. (CDNS) $270.10 -2.34% Ross Stores Inc. (ROST) $134.59 -2.31% NetEase Inc. Ads (NTES) $104.47 -2.30%