US indices rose sharply after the Fed rate cut. Will there be a Santa Claus rally?
Major U.S. stock indexes rose and the index of small-capitalization companies reached a record at the end of trading on December 10, after the U.S. Federal Reserve cut interest rates for the third time in a row. The regulator's committee members expect another round of easing next year, but traders are betting there will be two. Some analysts suggest the S&P 500 could now cross the 7,000-point mark "in the coming weeks."
Details
- The broad market index S&P 500 rose by 0.7% on December 10 and reached 6,886 points. During the day, it rose above the historic high set in late October, but at the end of the session was unable to consolidate the record.
- The blue-chip index Dow Jones Industrial Average jumped 1.1%, becoming one of the main beneficiaries of the market's reaction to the Fed's decision, CNBC notes .
- The Nasdaq Composite Technology Index added 0.5%, while it was in the red zone for most of the session.
- The Russell 2000 index of small-cap stocks soared 1.4% to 2,562 points, its new record.
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