(Bloomberg) — Financial assets from stocks to bonds notched another winning week as data readouts only reinforced Wall Street’s conviction in early and deep rate cuts next year.
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After a choppy low-volume session ahead of the Christmas holiday, the S&P 500 notched an eight-week winning streak — the longest in more than five years on signs price pressures in the US were easing. The Nasdaq 100 and a global gauge of equities logged equally lengthy runs — for the tech-heavy Nasdaq it was the longest since July 2021. US bonds booked a fourth-straight week of gains — their best streak since March.
“The soft landing narrative is fully in charge: The economy remains strong while inflation keeps trending down,” Louis Navellier of Navellier & Associates wrote. The veteran growth investor expects the year to end at highs, “the only ones with lumps of coal in their stocking this season are the bears.”
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