Breaking News
Get 40% Off 0
🔎 See NVDA's full ProTips for an instant risks or rewards Claim 40% OFF

Dow rallies to year's highest close, caps blockbuster month

Published Nov 30, 2023 06:28AM ET Updated Nov 30, 2023 07:56PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The New York Stock Exchange (NYSE) in New York City, U.S., February 24, 2022. REUTERS/Caitlin Ochs/File Photo
 
F
-0.82%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CRM
-1.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ESH24
+0.05%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
1YMH24
+0.03%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NQH24
-0.40%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SNAP
-1.92%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Stephen Culp

NEW YORK (Reuters) -The Dow Jones Industrial Average closed at its highest level since January 2022 as investors crossed the finish line of a banner month for stocks and viewed cooling inflation data as a harbinger of easing Federal Reserve monetary policy.

The Dow was the clear outperformer, with a solid boost from Salesforce (NYSE:CRM) on the heels of its consensus-beating earnings report.

The S&P 500 closed modestly green, while tech and tech-adjacent momentum stocks, led by Nvidia (NASDAQ:NVDA), pulled the Nasdaq into negative territory.

Still, the S&P 500 and the Nasdaq notched their largest monthly percentage gain since July 2022. November was the Dow's best month for percentage gains since October 2022.

"We're putting the cherry on top of a banner month," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "It's a nice reminder for investors how worried everyone was a month ago, and we just finished one of the best months in history for stocks."

Among data released Thursday, the Commerce Department's closely watched Personal Consumption Expenditures (PCE) report showed inflation is cooling as expected, along with consumer spending. The data reinforced expectations that the Fed has completed its rate hiking cycle.

While New York Fed President John Williams reiterated the central bank's determination to remain data dependent, he would not rule out the possibility of further rate hikes if inflation fails to continue to moderate.

"Kicking off much of the strength this month was the realization that inflation is quickly coming back to earth we saw that again today with core PCE data suggesting inflation is no longer a major headwind," Detrick added.

Financial markets have priced in a 95.8% likelihood that the central bank will let its key Fed funds target rate stand at 5.25%-5.50% at December's policy meeting.

"There's likely no rate hikes any time soon, the next move will likely be a cut, probably in the middle of next year," Detrick said. "The massive drop in (Treasury) yields this month is the bond market's way of saying it thinks the Fed is indeed done raising rates."

Powell is scheduled to participate in two separate discussions on Friday, at 11 a.m. ET and 2 p.m. ET.

The Dow Jones Industrial Average rose 520.47 points, or 1.47%, to 35,950.89, the S&P 500 gained 17.22 points, or 0.38%, at 4,567.8 and the Nasdaq Composite dropped 32.27 points, or 0.23%, to 14,226.22.

Among the 11 major sectors of the S&P 500, healthcare stocks outperformed, while communication services suffered the steepest percentage decline.

Dow Transports, considered a barometer of economic health, advanced 1.4%.

Salesforce jumped 9.4% following the company's higher-than-expected profit forecast based on solid demand for its cloud services.

Ford Motor (NYSE:F) Co slid 3.1% after the automaker set the cost of a new labor deal at $8.8 billion and cut its full-year forecast.

Data cloud company Snowflake (NYSE:SNOW) surged 7.1% after it forecast fourth-quarter product revenue above Street estimates.

Pinterest (NYSE:PINS) and Snap Inc (NYSE:SNAP) gained 2.4% and 6.5%, respectively, after Jefferies' upgrade of the social media firms to "buy" from "hold."

Advancing issues outnumbered decliners on the NYSE by a 1.62-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favored decliners.

The S&P 500 posted 37 new 52-week highs and two new lows; the Nasdaq Composite recorded 75 new highs and 109 new lows.

Volume on U.S. exchanges was 13.22 billion shares, compared with the 10.55 billion average for the full session over the last 20 trading days.

Dow rallies to year's highest close, caps blockbuster month
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
Ac Tektrader
Ac Tektrader Dec 01, 2023 1:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I tried shorting but got stopped out and reversed my trade. got this one wrong ...so far.
Nov 30, 2023 12:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Rigged. Unrealistic
JAMES Evangelisto
JAMES Evangelisto Nov 30, 2023 10:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The crypto wave has started. Once XRP starts taking over SWIFT transactions and validates crypto as church, all areas of commerce will follow. Currency markets will vanish. It's only a matter of time.
Ac Tektrader
Ac Tektrader Nov 30, 2023 10:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
crypto is a dangerous trading vehicle it has no value and is based on nothing. and is backed by. nothing. it is the ultimate ponzy scheme. fiat currency is backed by governments and the economic systems they represent. crypto is backed by nothing.
me ish
me ish Nov 30, 2023 9:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"strong earnings" -nope - some beat analyst very low bar expectations, but no generally many big fails with lower earnings than 22 - meanwhile forward guidance is generally grim and the rest of the world is already in a recession and it's deepening by the day - inflation stayed low partly due to draining the strategic petroleum reserves - they need to be filled again soon, but the Biden crime syndicate is planning on draining it even further till there's not a drop left- meanwhile oil is going higher
you what
you what Nov 30, 2023 9:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
errr thats the whole POINT of you yanks having the oil reserves to iron out supply kinks or possibly elevated gas prices!
Brad Albright
Brad Albright Nov 30, 2023 9:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
That guy is a one-note blowhard. He doesn't think, just vomits.
Casador Del Oso
Casador Del Oso Nov 30, 2023 9:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Crude prices on the rise.
Michael Benson
Michael Benson Nov 30, 2023 6:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Stocks remain a popular investment choice.
Michael Benson
Michael Benson Nov 30, 2023 6:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The rise of e-commerce is transforming retail markets.
me ish
me ish Nov 30, 2023 6:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
for the dumb money - sure!!! the smart money have taken a whole load of chips off the table - dya want to follow the dumb money or the smart money?
me ish
me ish Nov 30, 2023 6:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Michael Benson  for the dum money - sure!!! the smart money have taken a whole load of chips off the table - dya want to follow the dum money or the smart money?
me ish
me ish Nov 30, 2023 6:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
you sound like a sock puppet shill - this is time to get outa the market, go defensive at best and build short positions for a huge downturn in the next three months
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email