🔰Today's Market Overview🔰
🔹The Dow Jones Industrial Average rose 79.73 points, or 0.16%, to 48,442.41.
🔹The Nasdaq Composite rose 133.02 points, or 0.57%, to 23,561.84.
🔹The S&P 500 rose 31.30 points, or 0.46%, to 6,909.79.
📊U.S. stocks closed higher on Tuesday, led by technology stocks, with the S&P 500 hitting a record high. U.S. third-quarter GDP growth of 4.3% far exceeded expectations. Traders still expect two rate cuts by the Federal Reserve next year, but the likelihood of a rate cut at the January 28 meeting is low.
📌U.S. stock trading hours will be shortened this week due to holidays. The New York Stock Exchange will close early at 1 p.m. ET on Wednesday and will be closed on Thursday (Christmas Day). Trading will resume as normal on Friday.
Novo Nordisk shares received a much-needed end of the year boost as the Wegovy maker became the first drugmaker to secure approval of a GLP-1 pill for weight loss, in what one analyst called a "redemption for the investors" after the stock's worst year ever.
The U.S. Food and Drug Administration's approval of Novo Nordisk's GLP-1 pill gives the Danish pharmaceutical giant a head start over U.S. rival Eli Lilly, which has also filed for FDA approval for its oral weight loss drug orforglipron.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
