US stock market ends higher as Powell raises peak rate hopes; S&P logs highest close of year | Mint
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Business News/ Markets / Stock Markets/  US stock market ends higher as Powell raises peak rate hopes; S&P logs highest close of year
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US stock market ends higher as Powell raises peak rate hopes; S&P logs highest close of year

US Federal Reserve Chair Jerome Powell acknowledged the central bank's need to “move forward carefully” amid signs of economic softening, as the risks of over- and under-tightening its monetary policy are becoming more balanced,

All three major US stock indexes gained, notching their fifth consecutive weekly percentage gains. (Photo: AFP)Premium
All three major US stock indexes gained, notching their fifth consecutive weekly percentage gains. (Photo: AFP)

The US stock market indices ended higher on Friday with the S&P registering its highest close of the year on Friday, as remarks from US Federal Reserve Chair Jerome Powell bolstered the view that key policy rates have peaked.

All three major US stock indexes gained, notching their fifth consecutive weekly percentage gains. 

The Dow Jones Industrial Average rallied 294.61 points, or 0.82%, to end at 36,245.5, while the S&P 500 surged 26.83 points, or 0.59%, to 4,594.63 -- its highest level since March 2022. The Nasdaq Composite closed 78.81 points, or 0.55%, higher at 14,305.03.

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In prepared remarks, Powell acknowledged the central bank's need to “move forward carefully" amid signs of economic softening, as the risks of over- and under-tightening its monetary policy are becoming more balanced, Reuters reported.

Meanwhile, data showed US manufacturing continues to contract as factories contend with decreasing new orders, falling inventories and labor pressures.

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US treasuries also gained and yields dropped amid rising bets on interest rate cuts next year. The yields on two-year US Treasuries declined 9 basis points (bps) to below 4.6%.

Among stocks, Pfizer shares plunged 5.1%, US-listed Alibaba shares fell 1.2%, while Marvell Technology declined 5.3%.

Ulta Beauty share price jumped 10.8%, while Paramount Global shares surged 9.8%.

(With inputs from Reuters)

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Published: 02 Dec 2023, 06:36 AM IST
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