Why Are Stocks Up Today?

The S&P 500 and Nasdaq Composite are up today as investor sentiment remains high going into the conclusion of the Federal Reserve’s December Federal Open Market Committee ( FOMC ) meeting. Inflation data reported yesterday came in rather benign, which is also sending stocks up and making investors hopeful that the central bank will cut rates in 2024. Providing investors with some insight into Fed members’ thinking, the Fed’s economic projections will be released later today. Chairman Jerome Powell will hold a press conference today as well. Both events are slated to occur this afternoon. Benign Inflation Data For the November…