S&P 500 Hits New High After Strong GDP Data
The S&P 500 reached a new high following strong GDP data, which showed a 4.3% growth rate in Q3, the fastest in two years. This growth lessens the likelihood of a Federal Reserve rate cut. The top 20% of households continue strong spending, while the bottom 60% struggle. US durable goods demand declined, consumer confidence fell, but industrial production rebounded. Holiday spending rose slower than last year. Gold and silver prices hit record highs. Nvidia, Amazon, and Broadcom shares rose, while ServiceNow fell after acquiring Armis.
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