FX.co ★ S&P 500, Dow Close at Record High

In a condensed trading session on Wednesday, U.S. stock indices concluded with gains, continuing the strong upward trend observed throughout the week. This optimism persists as the current economic conditions are seen to bolster earnings prospects for the following year. The S&P 500 rose by 0.4%, while the Dow increased by 0.7%, both reaching record highs. The Nasdaq 100 also notched a gain of 0.3%. Noteworthy was the third-quarter GDP report, which significantly exceeded expectations, showing an annualized growth rate of 4.3%. This growth is largely driven by robust private consumption, assuaging fears that tariffs would dampen spending or spur inflation. Additionally, a drop in initial jobless claims paired with an increase in ongoing claims reflects a continued trend of minimal hiring and firing in the fragmented labor market. Although technology stocks underperformed, they maintained some momentum throughout the week, despite ongoing concerns about inflated AI-related capital expenditures. However, Intel's shares dipped by 0.5% following reports that Nvidia suspended a test involving Intel's equipment for cutting-edge chips.