26.12.202508:35 Forex-elemzések és áttekintések: Stock market on December 26: S&P 500 and NASDAQ hit new one-year highs

Yesterday, stock indices closed higher. The S&P 500 rose by 0.32%, while the Nasdaq 100 gained 0.22%. The Dow Jones Industrial Average strengthened by 0.60%.

Asian stock indices continued their pre-year-end growth amid low trading activity, while gold and silver reached record levels.

The regional MSCI index rose for the sixth consecutive day after the S&P 500 closed at a record high on Wednesday ahead of the Christmas holidays. The global equity index also hit an all-time high. The US dollar slipped slightly, fluctuating around levels seen in October.

Gold and silver prices surged amid heightened geopolitical tensions and a weakening dollar, contributing to the ongoing historic rise in precious metal prices. Silver rose for the fifth consecutive session, increasing by 4.5% and surpassing the $75 per ounce mark for the first time. Gold, demonstrating its best annual growth since 1979, climbed by 1.2% to settle above $4,500 per ounce.

Investors who believe in the stock market's growth are pinning their hopes on the so-called "Christmas rally," which they expect will push stocks to new records despite concerns about excessive optimism surrounding artificial intelligence and the Federal Reserve's interest rate strategy. Traditionally, such a rally occurs during the last five trading sessions of the year and the first two in the new year.

Citigroup Inc. stated that as stock markets enter the fourth year of a bull market, their outlook remains positive. They emphasized that current fundamental factors clearly create opportunities for the continued development of major companies, supported by the influence of artificial intelligence.

Risk appetite has evidently increased as the year comes to a close, even though stronger-than-expected economic growth data in the United States has reduced expectations for a quick interest rate cut. Following earlier concerns about inflated valuations of technology stocks amid the AI boom, traders are regaining confidence that companies will demonstrate strong profit growth in 2026.

In commodity markets, oil experienced the largest weekly gain since late October, as traders monitored a partial US blockade on oil supplies from Venezuela and reported military strikes by Washington against a terrorist group in Nigeria.

The yen fell by 0.3% and traded around 156.22 against the dollar after inflation in Tokyo decreased more than anticipated. This has led to a weakening of the currency amid assumptions that the Bank of Japan may delay the next interest rate hike.

From a technical perspective, the main task for buyers in the S&P 500 today will be to overcome the nearest resistance level of $6,930. Achieving this will signal growth and open the door for a rally to a new level of $6,946. An equally critical task for bulls will be to maintain control above the $6,961 mark to strengthen their positions. In case of a downward movement amid declining risk appetite, buyers must assert themselves around $6,914. A break below this level could quickly drive the trading instrument back down to $6,896 and pave the way to $6,883.