Silver breaks above $70, Novo Nordisk surges 9% on obesity pill approval. Wall Street rises, S&P 500 at 6,900, with 4.3% US GDP growth in Q3. Fed easing expectations decrease to 15%.
On Wednesday, Wall Street saw modest gains as investors anticipated a strong year-end period. By midday in New York, the S&P 500 rose to around 6,900, nearing October’s record of 6,920. The Nasdaq 100 also increased by 0.4% while the Dow Jones Industrial Average went up by 0.3%. However, small caps did not perform as well, with the Russell 2000 down by approximately 0.6%. The day was influenced by the release of better-than-expected U.S. GDP data. In the third quarter, the GDP grew at a 4.3% annualized rate, surpassing the estimated 3.3% and being the quickest growth in two years. As a result, traders adjusted their expectations for Federal Reserve easing. There is now a 15% likelihood of a 25-basis-point cut in late January, reduced from the previous day’s 20%.