Updated Dec. 14, 2023 4:37 pm ET

Stocks extended their year-end rally. The S&P 500 rose 0.3%, Nasdaq Composite added 0.2%, Dow Jones Industrial Average was up 0.4%, closing at a new record high. 

Investors have recently been betting that the Fed will pivot to lowering interest rates next year, and the central bank helped confirm that view Thursday by forecasting three rate cuts in 2024. 

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