US stock market sets new record, Dow Jones surpasses 45,000 points for the first time
The December 4 financial economic news witnessed an explosive trading session on the US stock market when all three major indexes reached all-time highs. S&P 500 increased 0.61%, reaching 6,086.49 points, while Nasdaq Composite increased sharply by 1.3% to 19,735.12 points. Notably, Dow Jones Industrial Average increased by 308.51 points (equivalent to 0.69%), closing at 45,014.04 points, marking the first time this index surpassed the 45,000 point mark.
The indices not only peaked during the session but also closed at record highs, reflecting positive investor sentiment as the market continued to receive supportive signals from monetary policy.
Fed considers slowing rate cuts
During the day, the Chairman of the US Federal Reserve (Fed), Mr. Jerome Powell, had a remarkable exchange with the media, hosted by the New York Times. Mr. Powell commented that the US economy is currently stronger than when the Fed started its rate-cutting cycle in September, while suggesting that the Fed's rate-cutting process may slow down.
“We want to send a strong message about our commitment to supporting the labor market if it weakens further. The economy is stronger than we thought in September,” Mr. Powell stressed.
USD stable, bond yields slightly decrease
Early on December 5, the copper index USD flat at around 106.329 points, while the yield on 10-year US Treasury bonds fell significantly to 4.2%. This is a positive development in the context of the US labor market showing signs of cooling.
Financial economic news according to the report from ADP, the private sector in the US only created more 146,000 jobs in November, lower than the 163,000 jobs gain forecast by economists polled by Dow Jones. The report further reinforced expectations that the Fed will be in no hurry to adjust interest rate policy.
Gold price increases, oil price decreases sharply
In the commodity market, gold prices recorded a slight increase. Spot gold contracts increased by 0.3%, to 2,652.14 USD/oz, while gold futures also rose 0.3% to 2,676.40 USD/oz.
In contrast, the oil market continued to be under downward pressure. At the end of the trading session, Brent oil prices fell 1.18 USD (equivalent to 1.6%) down to 72.44 USD/barrel, while WTI oil lost 1.23 USD (equivalent to 1.76%) and closed at 68.71 USD/barrel. Let's follow HVA to update and grasp the fastest information about the financial market every day.
