US markets close 2023 with silver surge and cautious stock trading
US markets showed mixed movements on Tuesday as traders wrapped up a volatile year. Silver prices climbed sharply after a steep drop, while major stock indices remained nearly unchanged. With only one full trading day left in 2023, investors are watching key economic signals before markets close for New Year’s Day.
The silver spot price jumped 5.1% on Tuesday, recovering from a notable decline the day before. Meanwhile, Wall Street’s main indices fluctuated before settling with minor losses: the S&P 500 stayed flat, the Nasdaq Composite dipped 0.1%, and the Dow also fell by 0.1%.
Bond yields edged higher, with the 10-year Treasury yield reaching 4.13% and the 2-year yield climbing to 3.46%. Economic data revealed a slight rise in the Federal Housing Finance Agency’s House Price Index for October, alongside a modest increase in hiring rates for unemployed workers in December. The Chicago Fed’s real-time unemployment forecast, however, held steady for the month. Minutes from the Federal Reserve’s latest meeting highlighted growing concerns over labour market risks and easing inflation pressures. Historically, midterm election years have seen market dips, but US stocks often perform better during a president’s second term. Markets will close early on Friday ahead of the New Year’s holiday, with a full shutdown on January 1st.
The final trading sessions of 2023 reflect cautious optimism amid shifting economic indicators. With silver rebounding and bond yields rising, investors are assessing the Fed’s outlook as markets prepare to pause for the holiday. The next full trading session will begin in early January.
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