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The S&P 500 Index closed up by 0.69% on November 22, 2023, reaching a two-week high, while the Dow Jones rose by 0.67% and the Nasdaq 100 gained 0.87%. A boost in semiconductor stocks contributed to the market rally, with December E-mini S&P futures rising by 0.70% and Nasdaq futures up 0.89%.
Market optimism is fueled by an 80% chance of a Federal Reserve rate cut at the upcoming December 9-10 FOMC meeting, up from 30% the previous week, alongside economic indicators showing weekly jobless claims fell to 216,000, a seven-month low, and capital goods new orders rose by 0.9% month-over-month.
During Q3 earnings, 83% of S&P 500 companies surpassed forecasts, with earnings increasing by 14.6%, more than doubling the expectation of 7.2% year-over-year. Global market reactions were mixed, highlighting a 1.5-week high for the Euro Stoxx 50, while Japan’s Nikkei rose 1.85% and China’s Shanghai Composite fell 0.15%.
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