Major indices on track for 9th straight weekly winning streak

Expected Fed rate cuts in March spark 9-week rally for the S&P, Dow, and the Nasdaq, leaving the 3 indices to close the year off record highs.

By Nadia Elbilassy | @Nadia Elbilassy | 29 December 2023

Market close
  • Nasdaq Composite surges by 44%, led by a rebound in the magnificent 7.

  • DJIA and S&P 500 set to end 2023 with gains of 13% and 24%.

  • European shares rise on optimism about lenient central bank policies.

  • Asian stocks close with mixed performance.

On the Market Watch!

Major indices

The DJIA and S&P 500 are set to conclude 2023 with gains of 13% and 24%, respectively.
Whilst the Nasdaq Composite has surged significantly by 44%, propelled by a rebound in the magnificent 7.

And overnight, the S&P rose to 4,790 approximately 6 points lower than its closing peak. Similarly, the Dow rose to 37,776 but closed near 37,698.

European shares

European shares rose on the final trading day of the year, buoyed by optimism regarding more lenient policies from major central banks in the coming year. Meanwhile, Asian stocks closed with a mixed performance.

The pan-European STOXX 500 rose 0.3%, setting the stage for its seventh consecutive weekly gain and its most robust December performance since 2021. The index is also on track for a nearly 13% advance for the year, with technology and retail standing out as among the best-performing sectors.


The dollar weakened against the yen, standing at 141.415 yen dropping approximately 4.6% this month. And latest comments from BOJ Governor Kazuo Ueda conveyed that there is no immediate need to unwind these loose policies. And emphasized the minimal risk of inflation significantly exceeding 2% and accelerating, suggesting a cautious approach to policy adjustments.

Jobless claims

Earlier on Thursday, released data revealed that the number of Americans filing initial claims for unemployment benefits increased by 12,000 to 218,000 last week. Suggesting a cooling labor market in the fourth quarter of the year.