Record-Breaking Surge in US Markets: Salesforce Leads with 11% Leap Post Strong Earnings
On December 5, 2024, U.S. stock markets reached record highs. The Dow Jones closed at 45,014.04 and the S&P 500 hit 6,086.49 points, both setting new records. This rally was driven by strong earnings from major technology companies and optimistic comments from Federal Reserve Chair Jerome Powell.
Salesforce led the charge with an 11% surge after reporting third-quarter revenues of $9.44 billion, beating analysts’ estimates of $9.33 billion. Marvell Technology also jumped 23.2% following better-than-expected earnings of $0.43 per share, surpassing the $0.40 consensus estimate.
Consumer discretionary and technology stocks were the biggest gainers, with the Technology Select Sector SPDR climbing 1.8%. The tech-heavy Nasdaq advanced 1.3% to finish at 19,735.12 points, also hitting a new all-time closing high.
Powell’s comments provided additional market confidence, stating that the economy is stronger than anticipated when the Fed began cutting rates in September. This suggests a more cautious approach to future rate cuts, giving investors confidence in sustained economic growth.
The strong performance comes as investors eagerly await Friday’s jobs report, which could provide further direction for Federal Reserve policy and market momentum heading into 2025.
Source: Yahoo Finance