Stock Market Today: Dow, S&P 500, Nasdaq Rise As Wall Street Heads For Strong Weekly Gains

On Friday, Wall Street experienced a significant upswing, with the Dow Jones Industrial Average reaching a record high. The S&P 500 and Nasdaq also posted gains, contributing to a strong weekly performance for the markets. Investors reacted positively to encouraging financial updates from several retailers, while the overall market sentiment improved following a volatile period leading up to the recent elections.

Key Takeaways

• The Dow Jones Industrial Average closed at a record high, gaining over 400 points.
• The S&P 500 rose by 0.3%, marking a 1.7% increase for the week.
• The Nasdaq Composite increased by 0.2%.
• Retailers like Gap and Ross Stores reported strong earnings, boosting investor confidence.
• Smaller company stocks, represented by the Russell 2000 index, saw significant gains.

Market Overview

The stock market closed near session highs on Friday, with the Dow Jones Industrial Average climbing 426.16 points to finish at 44,296.51. This marked the index's fifth consecutive gain and a new record. The S&P 500 advanced 20.63 points to close at 5,969.34, while the Nasdaq Composite rose 42.65 points to end at 2,406.67.

The week concluded with all three major indexes posting gains of over 1%, despite a rocky start. The S&P 500 is now within 0.5% of its all-time high, reflecting a recovery from previous losses.

Retail Sector Performance

Several retailers reported positive financial results, which contributed to the market's upward momentum:

• Gap: Shares soared 12.8% after exceeding earnings expectations and raising its revenue forecast.
• Ross Stores: The discount retailer's stock rose 2.2% following an upward revision of its earnings forecast.

Technology Sector Challenges

While many sectors thrived, the technology sector faced some challenges:

• Nvidia: Shares fell 3.2%, influenced by concerns over its high valuation despite strong demand for its AI chips.
• Intuit: The company saw a 5.7% drop in its stock after providing a quarterly earnings forecast that disappointed analysts.
• Meta Platforms: The parent company of Facebook experienced a 0.7% decline following a Supreme Court decision allowing a class-action lawsuit to proceed.

Broader Market Sentiment

The overall market sentiment has improved as investors digest the implications of the recent elections. Mark Hackett, chief of investment research at Nationwide, noted that market behavior has normalized after a period of volatility. The positive earnings reports from retailers have further bolstered confidence among investors.

Global Market Trends

International markets also reflected positive trends, with European markets closing mostly higher and Asian markets showing mixed results. Crude oil prices increased, and Treasury yields remained steady, indicating a stable bond market.

As Wall Street heads into the Thanksgiving holiday, the outlook remains cautiously optimistic, with investors closely monitoring economic indicators and potential policy changes from the incoming administration.

Sources

• Yahoo is part of the Yahoo family of brands, Yahoo Finance.
• Stock market today: Wall Street gains ground as it notches a winning week and another Dow record, Yahoo.
• Stock market today: Dow closes at record, S&P 500, Nasdaq rise as Wall Street notches strong weekly gains, Yahoo Finance.
• Yahooist Teil der Yahoo Markenfamilie, Yahoo Finance.