World shares advanced today, tracking Wall Street gains as markets there reopened for what’s expected to be a quiet, holiday-shortened week of trading, according to the Associated Press. Futures for the S&P 500 rose 0.1%, while futures for the Dow Jones Industrial Average edged 0.1% lower.
Trading was relatively light as U.S. markets reopened following the Christmas Day holiday. Still, the latest gains were widespread, with advancers outnumbering decliners by nearly three–to–one on the New York Stock Exchange. With less than a week to go in 2024, the S&P 500 is now up more than 24% for the year, while the Nasdaq is up 44%.
Investors have been encouraged by reports showing inflation is on the decline, even as the economy appears stronger than expected. The Federal Reserve is walking a tightrope, seeking to slow the economy enough through elevated interest rates to cool inflation, but not so much that it tips the nation into recession.
In other trading early today, U.S. benchmark crude oil added 3 cents to $75.60 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, picked up 10 cents to $80.95 per barrel.
The U.S. dollar rose to 142.53 Japanese yen from 142.38 yen.
