Wall Street Closes Mixed, but Nasdaq Hits Record High
Major Wall Street indices closed mixed on Monday as markets awaited the Federal Reserve’s final meeting of the year, where a 25-basis-point rate cut is widely anticipated.
The Dow Jones Industrial Average, which tracks 30 large-cap companies, dipped 0.25% to 43,717.48 points. The SPX edged up 0.38% to 6,074.08 points, while the Nasdaq Composite surged 1.24% to a record-high 20,173.89 points.
Investors are nearly unanimous in expecting the Fed to lower its benchmark interest rate, with CME Group’s FedWatch Tool showing a 96% probability of this outcome. The market focus now shifts to the tone of the Fed’s statement.
Bitcoin-related stocks rose after the cryptocurrency hit a new all-time high above $106,000, boosting Coinbase, which closed with a 1.52% gain.
By sector, energy and healthcare led the declines, while consumer discretionary, communication services, and technology posted gains. In the Dow, Honeywell stood out with a 3.68% rise.
Despite the mixed performance, the Nasdaq’s record-breaking close captured attention, driven in part by a sharp 11.21% jump in Broadcom, which bolstered the tech sector.
The Wall Comes Back
U.S. President-elect Donald Trump has called on the Biden administration to stop selling parts of the border wall built during his first term, vowing to resume its construction once he takes office in January.
“We’re going to spend hundreds of millions of dollars rebuilding the same wall we already had,” Trump criticized during a press conference covered by the conservative Fox News channel, where he pledged to “restore” U.S. borders.
Trump also revealed that he recently spoke with Mexico’s President, Claudia Sheinbaum, and Canada’s Prime Minister, Justin Trudeau. “We told them it’s not fair or right. They cannot allow these people to enter our country,” he stated.
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