The US stock market finished higher on Monday, 11 December 2023, maintaining a third-day streak of gain. There was a general optimism in the US market regarding the interest rate. The most prominent gainers in that day were consumer staples, industrial, materials, and financial sectors.
Nonetheless, the market gain was kept within bounds as the traders are waiting for the crucial update regarding inflation and the Federal Reserve’s monetary policy announcement on Wednesday. The Fed is expected to maintain the fed funds rate steady in the 5.25%-5.5% range.
The Dow Jones Industrial Average index increased by 0.43 percent to 36,404.93, its highest close since January 2022. The S&P500 index jumped by .39 percent to 4,622.44, its highest closing level since March 2022. The Index which is dominated by tech stocks, increased by 0.2 percent to 14,432.49
Out of the 11 sectors in the S&P 500, 10 had positive trading sessions, with consumer staples being the top-performing sector achieving nearly 1 %, while communication services were the bottom-performing sector, falling 1%.
Written by Nalin Suriya S.
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