Weekly Market Update: December 9, 2024
12/09/24
Risk Assets Continue Post-Election Run
Risk assets continued to grind higher in a busy week of economic data. The S&P 500 gained 1% and the tech-heavy Nasdaq 100 rose more than 3% last week. Bitcoin crossed $100,000 per coin for the first time in its history. Employment data released during the week was indicative of a solid, but moderated labor market. Nonfarm payroll adds came in slightly ahead of expectations and rose significantly compared to last month’s weather-affected report. The unemployment rate rose slightly to 4.2%. Markets took the jobs report in stride – the S&P 500 rose 0.3%, the Nasdaq rose 0.9%, and yields fell slightly on the day.
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