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Stock Market Today: S&P 500 Rises, Powered by Tech
Yen rallies on rate bets
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Is the economy headed for a soft landing or a recession?
Major stock indexes were climbing again Thursday, after stalling in December following last month's furious rally. Technology stocks led the way, with Advanced Micro Devices and Google-parent Alphabet surging after both announced AI products on Wednesday.
Friday’s jobs report will offer new clues on the health of the labor market, which is showing signs of weakness. The data is likely to feed into the debate about how soon the Federal Reserve could start cutting rates. Traders are currently pricing in multiple rate cuts next year.
Meanwhile, the Japanese yen rallied against the dollar amid speculation that the country's central bank will soon end a negative interest rate policy.
In recent trading:
Stocks rose. All three major indexes were higher. The Nasdaq led the way, rising more than 1%.
Alphabet shares soared. The Google-parent was up around 5%, powering the Nasdaq higher. Google announced a new AI system on Wednesday.
GameStop shares reversed course and were up after investors reacted to results issued late Wednesday by the videogame retailer. Cerevel Therapeutics surged after AbbVie unveiled an $8.7 billion takeover.
Bond yields wavered. The U.S. 10-year Treasury yield was at about 4.111%, from 4/121% late yesterday.
The Japanese yen rallied, as speculation mounted that the country’s longstanding experiment with negative rates could soon come to an end.
U.S. oil prices were roughly flat at under $70 a barrel, after settling Wednesday at their lowest since late June.
Overseas stocks weakened. Japan’s Nikkei 225 lost 1.8%, while Hong Kong’s Hang Seng Index fell 0.7%, after disappointing import data from China.
—By Patricia Kowsmann and Jack Pitcher
Our Sunday podcast, WSJ's Take On the Week, can help you prepare for what's ahead. Plus, get smarter about markets with our free weekday morning and evening newsletters.
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December 08, 2023 at 01:01AM
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Stock Market Today: Dow, S&P 500 Edge Higher; GameStop Stock Up After Earnings - The Wall Street Journal
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