US stocks trade mixed as S&P 500 ends just shy of all-time record

• US stocks traded mixed on Thursday, and the S&P 500 stopped just short of a new all-time high. 
• Optimism around the future of Fed policy is fueling gains in the last trading sessions of 2023. 
• Oil prices fell as fears eased around disruptions stemming from attacks in the Red Sea. 

US stocks closed mixed on Thursday, and the S&P 500 stopped just shy of a new all-time high as the Santa Claus rally has yet to push the benchmark index past the milestone. 

The S&P 500 remains within a whisker of its January 3, 2022 closing high of 7,796.56, but is closing out a banner year. It's up nearly 25% as investors spent much of 2023 cheering the strength of America's economy and laying bets in the latter part of the year that the Federal Reserve is poised to cut interest rates in early 2024. 

The Dow Jones Industrial Average and the Nasdaq Composite have enjoyed similarly strong gains this year, with Wall Street's frenzy for artificial intelligence driving the biggest boom in tech stocks in years. 

Bond yields crept higher on Thursday. The 10-year Treasury yield was up five basis points to 3.841%. Oil prices dropped, with US crude falling almost 3% and international prices dropping 1.6%. 

Here's where US indexes stood shortly at the 4 p.m. closing bell on Thursday:

• S&P 500: 4,783.35, up 0.04% 
• Dow Jones Industrial Average: 37,710.10, up 0.14% (53.58 points)
• Nasdaq Composite: 15,095.14, down 0.03%

Here's what else happened today: 

• Here's the analyst with this year's most accurate stock market forecast — and what he sees for 2024. 
• This is what could be next for the S&P 500 as it closes in on a new all-time high. 
• The bond market is in charge now, and it's behaving like a meme stock, one strategist said. 
• Microsoft's "iPhone moment" has arrived with its AI chat tool, and the stock is set to soar, Wedbush said. 

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil fell 3% to $71.88 a barrel. Brent crude, the international benchmark, eased 1.6% to $78.38 a barrel. 
• Gold ticked down 0.7% to $2,078 per ounce. 
• The 10-year Treasury yield rose five basis points to 3.841%.
• Bitcoin slipped 2% to $42,557.