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On Wednesday, the US equity market saw modest gains, extending the Santa Claus Rally that began nearly eight weeks ago. The S&P 500 notched its fourth consecutive daily increase and is now just 0.3% below its record high. Meanwhile, the Dow Jones Industrial Average hit another all-time high, while the Nasdaq also experienced gains. Declining Treasury yields supported both equities and bonds, with the VIX volatility index reflecting diminished market apprehension. Small-cap equities, notably in the retail sector, performed strongly, contributing to positive market sentiment. Additionally, the US dollar weakened against the euro. European equity markets also closed slightly higher on the first trading day of the week, with the Stoxx 50 remaining above its multi-year highs, amid continued support that the macroeconomic backdrop is suitable for key central banks to start cutting interest rates next year.
Summary for 28.12.2023
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