Fed’s holiday gift, Dow hits all-time high, Costco's gold rush
The Dow crossed 37,000 for the first time in history
Wharton School professor Jeremy Siegel says all eyes are on the S&P and Dow following Fed Chair Powell's decision to leave interest rates unchanged on 'The Claman Countdown.'
IN THIS WEEK'S EDITION
- Federal Reserve signals rate hikes are done and hints at cuts in 2024
- Dow soars to all-time high, crosses 37,000 for first time
- Consumer inflation eases, but prices remain high for some items
- Intel's CEO talks about his big AI bet
-Costco's gold rush
-Inside the business of college football bowls
TOP STORY: FEDERAL RESERVE SURPRISES INVESTORS
Federal Reserve Chairman Jerome Powell delivered an early Christmas gift to Wall Street, signaling that policymakers are done hiking interest rates after 11 increases since 2022 that lifted the Federal Funds rate to 5.25%-5.55%. Now policymakers say they may soon be prepared to roll out multiple rate cuts in 2024… continue reading here.
Federal Reserve Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on September 20, 2023, at the Federal Reserve in Washington, DC. ((Photo by Chip Somodevilla/Getty Images) / Getty Images)
VIDEO: Inside the Federal Reserve's interest rate decision as the news broke.
DOW HITS ALL-TIME HIGH: Investors cheered the Fed's decision by pushing the Dow Jones Industrial Average above 37,000 for the first time in history. It was the first fresh record since January 2022. UnitedHealth Group has added the most points to the benchmark since the 36,000 level, while 3M has subtracted the most, according to Dow Jones Market Data Group…continue reading here.
VIDEO: The Dow 30 are joining tech and growth stocks, which are on pace for one of the best years in a decade.
INFLATION NATION: The consumer price index for November was a mixed bag with overall inflation moderating. However, there are still pockets of elevated prices…continue reading here.
VIDEO: Jim Grant of Grant's Interest Rate Observer sounds the alarm on inflation.
Food prices have already risen in recent months and could rise even further. Photo: Hendrik Schmidt/dpa (Photo by Hendrik Schmidt/picture alliance via Getty Images)
INSIDE INTEL'S AI SPLASH: The chipmaker rolled out AI PC on Thursday, and CEO Pat Gelsinger said the product has the same game-changing possibility as its Centrino, which essentially made wide adoption of WiFi possible.
"Some people will do some high-end and niche products, but we are going to bring it everywhere. We are going to deliver hundreds of millions of these devices. We already have over 100 different application developers who are signing up to be part of the AI PC efforts that we’re bringing forward," he said during an appearance on The Claman Countodwn…continue reading here.
VIDEO: Intel CEO Pat Gelsinger on dominating AI.
Patrick Gelsinger, chief executive officer of Intel Corp., speaks during the Intel Innovation Taipei technology forum in Taipei, Taiwan, on Tuesday, November 7, 2023. Intel last month predicted a return to sales growth in the fourth quarter, fueled b … (Photographer: I-Hwa Cheng/Bloomberg via Getty Images / Getty Images)
COSTCO'S GOLD RUSH: The warehouse retailer, known for selling a 72-lb. cheese wheel that sells for nearly $1,000 and Kirkland wine, is also selling one of the world's most precious metals…continue reading here.
Costco shares hit an all-time high on Friday and have gained over 44% this year, outpacing the S&P 500's 23% rise.
COLLEGE BOWL GAMES KICKOFF: Colleges will begin facing off in many coveted football bowl games throughout the country this weekend. These match-ups are high stakes for the schools, students and big money as well…continue reading here.
General view of the Rose Bowl at sunset during the College Football Playoff Semifinal Rose Bowl Game presented by Northwestern Mutual between the Florida State Seminoles and the Oregon Ducks at the Rose Bowl in Pasadena, California. ((Photo by Ric Tapia/Icon Sportswire/Corbis/Icon Sportswire via Getty Images) / Getty Images)
STOCKS THIS WEEK:
Holiday cheer dominated the U.S. stock market this week as the S&P 500 capped its longest winning streak in six years, while the Dow clocked three straight days of record closes…More on stock action this week.
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