⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

Stock market today: S&P 500 closes at record to wrap up best month of 2024

Published 29/11/2024, 11:42 am
© Reuters.
US500
-
DJI
-
ESZ24
-
1YMZ24
-
NQZ24
-
IXIC
-

Investing.com--The S&P 500 closed at a record high holiday-shortened trading session Friday, wrapping up its best month of 2024.

At 1.00 p.m. ET (1800 GMT), the S&P 500 rose 0.6% to a closing record of 6,032.4, while NASDAQ Composite has gained 0.8% and the Dow Jones Industrial Average rallied 0.4%, or 188 points to a record close.

The S&P 500, NASDAQ Composite and Dow Jones Industrial Average were trading up between 5% and 7% for November, having rallied to a series of record highs in the wake of a Trump election victory. 

Tech leads market higher

Tech ended the month on a strong footing, underpinned by a rise in chip stocks. 

Chip stocks including NVIDIA Corporation (NASDAQ:NVDA), ASML Holding NV ADR (NASDAQ:ASML) and Applied Materials Inc (NASDAQ:AMAT) were more than 1% higher following a Bloomberg report that suggested President Joe Biden was considering additional bans on chip equipment sales to China that could be less restrictive than feared. 

Fed speak on tap as Dec meeting looms 

Focus in the coming week will be on comments from a slew of Fed officials, including Chair Jerome Powell on Wednesday, for more cues on interest rates.

Despite recent signs of sticky inflation and labor market strength, markets have largely maintained expectations for a 25 basis point cut in December. The cut will bring the Fed’s total rate cuts in 2024 to 100 bps.

But central bank officials have offered a more cautious outlook on rates in recent addresses, sparking some concerns that the Fed will slow its pace of rate cuts in 2025. Sticky inflation is also expected to elicit a higher terminal rate from the Fed during its current easing cycle.

The Fed is set to meet on December 17 and 18 in its final meeting for the year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.