At the close, the Dow Jones Industrial Average rose 288.75 points, or 0.60%, to 48,731.16 points; the Nasdaq Composite Index increased by 51.46 points, or 0.22%, to 23,613.31 points; and the S&P 500 Index gained 22.26 points, or 0.32%, to 6,932.05 points.
According to Zhitong Finance APP, the three major indices closed higher on Wednesday. During trading, the S&P 500 Index rose to a high of 6937.32 points, setting a new intraday record high. The New York Stock Exchange closed early at 1:00 PM Eastern Time on Wednesday (Christmas Eve) and will be closed on Thursday (Christmas Day). Normal trading will resume on Friday.
[US Stocks] At the close, the Dow Jones Industrial Average rose 288.75 points, or 0.60%, to 48731.16 points; the Nasdaq Composite Index rose 51.46 points, or 0.22%, to 23613.31 points; and the S&P 500 Index rose 22.26 points, or 0.32%, to 6932.05 points. Micron Technology (MU.US) rose 3.77%, Oracle (ORCL.US) rose 1.1%, and NVIDIA (NVDA.US) slightly declined by 0.32%.
[European Stocks] The UK FTSE 100 Index slightly fell by 0.19%; the French CAC40 Index and the Euro Stoxx 50 Index were nearly flat at the close.
[Asia-Pacific Stocks] The Nikkei 225 Index fell by 0.14%, the KOSPI Index dropped by 0.21%, the BSE SENSEX Index slid by 0.14%, and the Jakarta Composite Index declined by 0.55%.
[Forex] The US Dollar Index, which measures the greenback against six major currencies, fell nearly 0.0% on the day, closing at 97.941 in the forex market. By the end of the New York trading session, 1 euro was exchanged for 1.1775 US dollars, down from 1.1790 US dollars in the previous trading session; 1 pound was exchanged for 1.3496 US dollars, lower than 1.3497 US dollars in the prior session. 1 US dollar was exchanged for 156.02 Japanese yen, below 156.20 yen in the previous session; 1 US dollar was exchanged for 0.7886 Swiss francs, up from 0.7877 Swiss francs in the previous session; 1 US dollar was exchanged for 1.3676 Canadian dollars, down from 1.3694 Canadian dollars in the prior session; 1 US dollar was exchanged for 9.1713 Swedish kronor, higher than 9.1684 Swedish kronor in the previous session.
[Cryptocurrency] Bitcoin rose by 0.39%, reaching $87,825.21; Ethereum fell by 0.44%, hitting $2,951.93.
[Precious Metals] Spot gold slightly fell by 0.1%, trading at $4,480.77, with intraday lows breaking below $4,448.53.
[Crude Oil] Light sweet crude oil futures for February delivery on the New York Mercantile Exchange fell by 3 cents, settling at $58.35 per barrel, a decline of 0.05%. Brent crude oil futures for February delivery on London’s ICE Futures Exchange dropped by 14 cents, closing at $62.24 per barrel, a decrease of 0.22%.
[Macroeconomic News]
Initial jobless claims unexpectedly declined; December unemployment rate may remain elevated. Last week, initial jobless claims in the United States unexpectedly decreased, but due to sluggish hiring, the unemployment rate in December is likely to stay high. The US Labor Department announced on Wednesday that initial jobless claims for the week ending December 20, seasonally adjusted, fell by 10,000 to 214,000. Economists surveyed by Reuters had expected initial jobless claims to be 224,000. Recent data have been volatile due to challenges associated with seasonal adjustments ahead of the holiday season. The labor market remains in what economists and policymakers refer to as a "no-hiring, no-firing" mode. Despite the resilience of the US economy, the labor market has almost come to a standstill. For the week ending December 13, continuing claims increased by 38,000 to 1,923,000 after seasonal adjustment. This rise aligns with the results of a survey released by the Conference Board on Tuesday, which showed that consumers’ views on the labor market deteriorated to levels not seen since early 2021. The unemployment rate rose to 4.6% in November, the highest in four years, although partly due to technical factors related to a government shutdown.
Barclays raises its forecast for US Q4 GDP growth. In a research report, Barclays economists noted that the Federal Reserve is likely to view the unexpected acceleration in Q3 US GDP as a signal that underlying demand remains strong. Although volatile components like net exports may overstate overall growth momentum, sustained expansion in consumer spending still reflects fundamental resilience. Economists pointed out that despite uneven economic performance in the first half of 2025, aggregate demand had gathered significant momentum by year-end. Based on this, Barclays marginally raised its forecast for Q4 GDP year-on-year growth by approximately 0.3 percentage points to 2.0%.
U.S. mortgage rates fell for a second consecutive week, with the 30-year rate dropping to 6.18%. Freddie Mac stated in a release on Wednesday that the average rate on a 30-year fixed-rate loan was 6.18%, down from 6.21% the previous week. Although rates have been declining since September, homebuyer response remains sluggish. Meanwhile, sellers are withdrawing listings in anticipation of a market rebound. The critical spring selling season will commence in the coming months, and real estate agents hope warmer weather will bring buyers back. According to Redfin, approximately 1.43 million active homebuyers were recorded last month—the lowest level since April 2020, when pandemic-related lockdowns stalled transactions. In November, the number of sellers exceeded buyers by about 37%, a gap more than twice as large as last year's. Asad Khan, senior economist at Redfin, noted: 'Moderate improvements in housing affordability may attract some buyers into the market by 2026. However, for the foreseeable future, the housing market is likely to remain tilted toward buyers, requiring sellers to offer discounts or incentives to attract interest.'
BlackRock: The Federal Reserve’s rate cuts in 2026 may be limited in magnitude. BlackRock strategists Amanda Lynam and Dominique Bly noted in a report that the Federal Reserve is expected to implement only modest rate cuts in 2026. With cumulative rate cuts totaling 175 basis points so far in this cycle, the Fed is approaching a neutral rate level. Unless there is a sharp deterioration in the labor market, further room for rate cuts in 2026 will be quite constrained. According to LSEG data, markets currently anticipate two rate cuts by the Federal Reserve in 2026.
The EU’s new crypto tax reporting requirements will take effect in January, with violations potentially leading to asset seizure risks. According to reports, the EU’s newly introduced Digital Asset Tax Transparency Regulation will officially come into force on January 1, 2026, marking a significant shift in the regulatory approach to crypto activities across the European Union. Known as DAC8, the regulation expands the scope of the EU’s long-standing framework for administrative cooperation in taxation to include crypto-assets and related service providers. Under the new rules, crypto-asset service providers—including exchanges and brokers—must collect and report detailed user and transaction information to their national tax authorities, which will then share this data across member states. For crypto users, enforcement consequences under the new rules are more stringent. If tax authorities identify tax avoidance or evasion, DAC8 empowers local regulators to act with assistance from counterparts in other EU countries. This cross-border collaboration also includes the authority to freeze or seize crypto-assets linked to unpaid taxes, even if those assets or platforms are not located within the user’s jurisdiction.
[Stock News]
Tesla Model 3 emergency door handles face new investigation by U.S. regulators. Tesla (TSLA.US) is once again under scrutiny in the U.S. over its door handles after federal auto safety regulators launched an investigation into the emergency door-opening mechanisms of certain Model 3 vehicles. According to documents disclosed on the National Highway Traffic Safety Administration (NHTSA) website, the agency is evaluating complaints regarding “mechanical emergency door-opening devices that are concealed, unlabeled, and difficult to locate intuitively during emergencies.” The probe follows a petition filed by Kevin Claus, a Tesla owner from Georgia, who claims he was trapped inside his vehicle in 2023 and is calling for a defect investigation. NHTSA has not yet decided whether to grant the petition. The investigation covers approximately 179,000 Model 3 sedans from the 2022 model year. In September this year, NHTSA initiated a separate investigation into potential defects in the doors of certain Model Y SUVs following multiple incidents where children were trapped inside after the 12-volt battery was depleted.
Goldman Sachs issues warning to fund clients over external law firm data breach. Goldman Sachs (GS.US) recently notified investors in certain of its alternative investment funds that their data may have been exposed due to a security breach involving one of the firm’s cooperating law firms. In a letter to investors dated December 19, Goldman Sachs stated it had been informed by Fish & Richardson, the external legal counsel for several of its alternative investment funds, about a “cybersecurity incident.” The bank said it is working with the law firm to “further understand whether our or our clients’ data may have been compromised.” The letter was included in proposed class-action litigation materials filed on Wednesday. Andrew Saks, an investor in Goldman Sachs Petershill Private Equity Seed II Offshore Fund, has formally sued Fish & Richardson. A Goldman Sachs spokesperson stated: “Goldman Sachs systems were unaffected by this incident and remain secure.”
