Investors are awaiting the release of the December jobs report on Friday for guidance on the trajectory that U.S. stocks may be on as 2024 trading gets underway. This comes after stocks finished 2023 on a historic winning streak lasting nine consecutive weeks. The Dow Jones Industrial Average rose 13.7%, or over 4,500 points, breaching 37,000 for the first time in history.
The S&P 500 gained 24%, bringing the US benchmark index within touching distance of its all-time record close of 4,796.56. The Nasdaq Composite surged by 43.42%, resulting in its largest annual return since 2020.
Projections indicate that 168,000 nonfarm payroll jobs were added to the US economy in December, down from the 199,000 jobs added in November. December’s unemployment rate is forecasted to be 3.8% up from the 3.7% unemployment rate reported for the previous month. “We do not expect to see a sharp contraction in employment just yet, but remain cautious as we head into 2024,” Jefferies’ economics team stated in a research note.
