Traders work on the floor of the New York Stock Exchange during morning trading on November 26, 2024.
Michael M. Santiago | Getty Images
of Dow Jones Industrial Average and S&P500 Stocks rose to new highs on Friday as the trading day was shortened and capped off a strong month.
The S&P 500 rose 0.56% to 6,032.38. Nasdaq Composite The Dow Jones Industrial Average rose 0.83% to 19,218.17, while the Dow Jones Industrial Average rose 188.59 points, or 0.42%, to end at 44,910.65. Both the Dow and S&P 500 hit new intraday and closing highs.
Some of the upward momentum came from semiconductor stocks. reported by bloomberg Biden administration reportedly considering additional barriers to semiconductor equipment sales to China it wasn't that strong As expected in advance. ram research While it rebounded by more than 3%, Nvidia It rose more than 2%. of iShares Semiconductor ETF (SOXX) Added 1.3%.
A fairly broad-based advance has pushed the S&P 500 into uncharted territory. Approximately 3 in 5 S&P 500 members ended their session in the green.
These moves came as traders focused on the end of a strong week and month. Trading in November was mainly centered on the post-election rally driven by President-elect Donald Trump's victory.
The Dow Jones Industrial Average rose 1.4% this week, bringing November's gain to 7.5%. The S&P 500 and Nasdaq Composite each rose 1.1% for the week, ending the last two months of 2024 with gains of more than 5% and 6%, respectively. These gains gave the Dow and S&P 500 their best month of 2024.
Dow year to date
Mainly small stocks russell 2000 It outperformed in November as investors saw the group benefiting from President Trump's potential tax cuts. The Russell 2000 is up 10.8% this month, helped by a 1.2% gain this week.
“For me, the main takeaway from November is that what was true before the election will remain true after the election,” said Ross Mayfield, investment strategist at Baird Private Wealth Management. Ta. “Going into December, everything is going well, we have an election coming up, and there's still room for seasonal tailwinds, so it's very difficult to let this bull market fade.”
Stock prices are also rising later this year on expectations that interest rates will continue to trend lower, increasing the present value of future earnings and boosting the economy. Federal funds futures currently price in about a 66% chance that the central bank will cut interest rates by 25 basis points at next month's policy meeting, the paper said. CMEGroup's FedWatch tool.
The stock market was dark on Thursday, closing at 1pm ET on Friday due to the Thanksgiving holiday. Volume on the New York Stock Exchange and Nasdaq on Friday was less than two-thirds of the daily average over the past 30 days.
