U.S. stocks closed slightly higher with the S&P 500 hovering just below its record high. The Dow reached a new record closing high, while the three major indexes remained on course for gains.
Trading volume was light, and the market oscillated between modest gains and losses.
Investors are eyeing potential tax harvesting and portfolio window dressing as the year-end approaches. (Trending: Could Taylor Swift Save Biden In 2024?)
There is growing confidence that the Fed will cut rates in March, supporting interest rate sensitive shares.
Chuck Carlson, chief executive officer at Horizon Investment Services, said, “When you have very few catalysts and minimal trading activity you tend to see continuation of the trends.”
“We’ve got three days left of trading in the year,” he continued.
“That means three days left of tax harvesting, three days of portfolio window dressing … those sort of things can get magnified because of the lack of trading volume,” explained the financial expert.
“Those kind of milestones are important because they can generate activity for investors who are sitting on the fence,” added Carlson.
Several companies, including Bit Digital, Coherus BioSciences, and Cytokinetics, saw significant stock movements based on various announcements and developments.
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