Mixed Economic Data Leaves People Hopeful Yet Miserable as Year Comes to a Close

U.S. stock markets closed higher on Friday as strong economic data, including a resilient labor market and increasing consumer sentiment, raised hopes for a soft landing of the economy. Despite signs of cracks in the labor market, job openings remained soft and the U.S. economy added 199,000 nonfarm workers in November. The unemployment rate fell to 3.7% and average hourly earnings rose. Consumer sentiment also climbed, with Americans expecting a cooling inflation rate. Investors are expecting the Fed to keep the benchmark lending rate unchanged, and there are top picks for large-cap stocks with strong potential for 2024, including Gartner, Intel, Royal Caribbean Cruises, The Progressive Corp, and Emerson Electric.