Traders were active on the New York Stock Exchange floor on November 26, 2024, with major indices reaching new heights during a shortened trading day. The Dow Jones Industrial Average rose by 188.59 points, or 0.4%, while the S&P 500 gained 0.6% and the Nasdaq Composite increased by 0.8%. Both the Dow and S&P 500 set new intraday and closing records. Chip stocks, in particular, contributed to this surge following a report by Bloomberg suggesting the Biden administration might impose less severe sales restrictions on semiconductor equipment to China. Lam Research saw a rise of over 3% and Nvidia increased by more than 2%, propelling the iShares Semiconductor ETF (SOXX) up by 1.3%.
The overall market push saw about 60% of S&P 500 stocks ending in positive territory, supported by a postelection rally following President-elect Donald Trump’s victory. The Dow’s 1.6% weekly gain contributed to a monthly rise exceeding 7%, while the S&P 500 and Nasdaq Composite also advanced, tracking monthly gains upward of 5% and 6%, respectively. November is shaping to be the best month for both indices in 2024. Additionally, the small-cap-focused Russell 2000 outperformed, gaining approximately 11% in November, driven by investor optimism vis-à-vis Trump’s proposed tax cuts.
Ross Mayfield, investment strategist at Baird Private Wealth Management, noted the continued positive momentum fuelled by the election’s conclusion and seasonal trends. Further bolstering the market’s strength are expectations for continued low interest rates, with a 66% chance predicted for a quarter-point rate cut by the Federal Reserve next month, according to CMEGroup’s FedWatch tool. The market was closed on Thanksgiving Thursday and had limited trading hours on Friday, contributing to lighter activity.
Original Story https://www.cnbc.com/2024/11/29/stock-market-today-live-updates.html
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