• U.S. stocks surged to a sharply higher close on Wednesday and benchmark Treasury yields slipped to their lowest level since August after the Federal Reserve flagged the end of its tightening cycle and struck a dovish tone for the year ahead.
  • The Dow notched a record closing high, confirming the blue-chip industrial average has been in a bull market since Sept. 30, 2022, by common definition.
  • Economic data showed U.S. producer prices (PPI) were unchanged in November, further evidence that inflation continues to meander down toward the Fed’s average annual 2% target.
  • The Dow Jones Industrial Average (.DJI) rose 512.3 points, or 1.4%, to 37,090.24, the S&P 500 (.SPX) gained 63.39 points, or 1.37%, at 4,707.09 and the Nasdaq Composite (.IXIC) added 200.57 points, or 1.38%, at 14,733.96.