US close: Stocks extend December rally

(Sharecast News) - Wall Street stocks closed higher on Monday as investors looked ahead to the Federal Reserve's final meeting of the year. At the close, the Dow Jones Industrial Average was up 0.43% at 36,404.93, while the S&P 500 advanced 0.39% to 4,622.44 and the Nasdaq-100 saw out the session 0.20% firmer at 14,432.49.

The Dow closed 157.06 points higher on Monday, extending gains recorded in the previous session on the back of news that the US economy had added more jobs than expected in November.

No major data points were released on Monday, with traders instead patiently awaiting the outcome of the central bank's last policy meeting of 2023 on Wednesday, as well as key inflation data in the form of November's consumer and producer price indices, due out on Tuesday and Wednesday, respectively.

The Federal Reserve was widely expected to maintain its fed funds rate in the 5.25-5.5% range, with chairman Jerome Powell also expected to reiterate his commitment to lowering inflation.

In the corporate space, Macy's surged after news broke that the retailer had received a $5.8bn buyout offer from an investor group consisting of Arkhouse Management and Brigade Capital.

Elsewhere, Oracle shares headed south in extended trading after the tech firm posted revenues that fell short of estimates, even as cloud services demand continued to grow.

Still to come, tech giant Adobe and retailer Costco will deliver their latest quarterly reports on Wednesday and Thursday, respectively.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $44.54 4.31% Nike Inc. (NKE) $118.61 2.33% Cisco Systems Inc. (CSCO) $49.39 2.09% Home Depot Inc. (HD) $331.33 1.49% Boeing Co. (BA) $248.08 1.38% McDonald's Corp. (MCD) $289.15 1.27% Amgen Inc. (AMGN) $272.14 1.12% International Business Machines Corporation (CDI) (IBM) $163.51 0.96% Coca-Cola Co. (KO) $59.04 0.73% Dow Chemical Co. (DOW) $51.28 0.71%

Dow Jones - Fallers

Verizon Communications Inc. (VZ) $37.67 -1.52% Apple Inc. (AAPL) $193.18 -1.29% Unitedhealth Group Inc. (UNH) $543.68 -1.11% Microsoft Corp. (MSFT) $371.30 -0.78% Walgreens Boots Alliance, Inc. (WBA) $23.00 -0.69% Walt Disney Co. (DIS) $92.20 -0.67% 3M Co. (MMM) $103.16 -0.20% American Express Co. (AXP) $168.39 -0.02% Dowdupont Inc. (DWDP) $0.00 0.00% Chevron Corp. (CVX) $144.35 0.03%

S&P 500 - Risers

Macy's Inc. (M) $20.77 19.44% CIGNA Corp. (CI) $301.97 16.68% Broadcom Inc. (AVGO) $1,029.24 9.00% Nordstrom Inc. (JWN) $17.52 7.16% Kohls Corp. (KSS) $26.38 7.02% MGM Resorts International (MGM) $43.54 5.12% Applied Materials Inc. (AMAT) $155.14 5.02% KLA-Tencor Corp. (KLAC) $559.21 4.64% Lam Research Corp. (LRCX) $735.59 4.61% Unum Group (UNM) $44.75 4.48%

S&P 500 - Fallers

CenturyLink Inc. (LUMN) $1.37 -8.05% Nektar Therapeutics (NKTR) $0.49 -2.92% Carnival Corp. (CCL) $17.63 -2.65% Vornado Realty Trust (VNO) $27.24 -2.61% Dish Network Corp. (DISH) $4.46 -2.41% Eli Lilly and Company (LLY) $584.04 -2.34% Meta Platforms Inc. (META) $325.28 -2.24% Nvidia Corp. (NVDA) $466.27 -1.85% CVS Health Corp (CVS) $73.76 -1.78% Take-Two Interactive Software Inc. (TTWO) $152.56 -1.78%

Nasdaq 100 - Risers

Broadcom Inc. (AVGO) $1,029.24 9.00% Sirius XM Holdings Inc (SIRI) $5.02 8.19% Applied Materials Inc. (AMAT) $155.14 5.02% KLA-Tencor Corp. (KLAC) $559.21 4.64% Lam Research Corp. (LRCX) $735.59 4.61% Incyte Corp. (INCY) $57.08 4.35% Intel Corp. (INTC) $44.54 4.31% Illumina Inc. (ILMN) $117.64 4.16% Micron Technology Inc. (MU) $77.79 3.78% Synopsys Inc. (SNPS) $556.02 3.75%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.89 -4.91% JD.com, Inc. (JD) $25.60 -3.21% Dish Network Corp. (DISH) $4.46 -2.41% Meta Platforms Inc. (META) $325.28 -2.24% Nvidia Corp. (NVDA) $466.27 -1.85% Take-Two Interactive Software Inc. (TTWO) $152.56 -1.78% Tesla Inc (TSLA) $239.74 -1.68% Vodafone Group Plc ADS (VOD) $8.59 -1.60% Alphabet Inc. Class C (GOOG) $134.70 -1.42% Apple Inc. (AAPL) $193.18 -1.29%