CNBC Business News Update Market Close: Stocks Rally In Shortened Trading Session, Housing Market Buckling Under Rate Pressure, Apple Races Toward $4T Market Value
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Dec 24, 2024 Discover the upbeat trends in the stock market as major indices experience strong gains, led by a notable 390-point jump in the Dow. Amid the optimism for future earnings, explore how rising interest rates are putting pressure on the housing market, particularly for first-time buyers. Meanwhile, luxury segments show resilience, and the affordability index shifts dramatically. Plus, find out how Apple is racing towards a groundbreaking $4 trillion market value.
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Stock Market Rally
- Stocks ended a shortened session with solid gains, with the Dow rising 390 points.
- The S&P 500 saw its best one-day gain since November 6th, rallying 1.1%.
Market Outlook
- Sam Stovall expresses optimism about market performance in the coming days and year.
- He cites earnings growth expectations and the overall trend in inflation as reasons for his optimism.
Housing Market Struggles
- The market seems to be accepting the idea of fewer interest rate cuts than predicted.
- However, the housing market is struggling with rising mortgage rates, especially impacting entry-level buyers.