The Dow and S&P 500 closed at record highs in a shortened Black Friday session, lifted by select technology stocks, while retail was in focus as the holiday shopping season begins.
The Dow Jones Industrial Average climbed more than 300 points before closing at 44,910.65, up 188.59 points, or 0.4%.
The S&P 500 rose 0.6% to 6,032.38 and the Nasdaq was up 0.8%.
All three major indexes rose more than 1% this week, while the Dow and S&P 500 had their best months of the year with gains of 7.5% and 5.7%, respectively.
Information technology stocks including Nvidia helped boost the benchmark S&P 500, while industrials and financial sectors lifted the blue-chip Dow.
Investors kept an eye on the reaction of buyers deep black friday discountsAdobe Analytics estimates consumers will spend a record $10.8 billion in online shopping, up 9.9% from last year’s Black Friday.
Shares of Target, Hasbro and Macy’s rose.
“Retailers import too much. “Inventory levels are very important to their profitability and their ability to control margins, so they will be one of the industries in the (tariff) crossfire,” said Ross Mayfield, investment strategist at Baird.
“But so far … (things) are looking pretty solid for Black Friday, Cyber Monday sales.”
Chip stocks rallied after Wednesday’s decline, pushing the Philadelphia SE Semiconductor index higher.
The small-cap Russell 2000 index also rose as Treasury bond yields retreated from multi-month highs.
Wall Street’s main indexes closed with losses on Wednesday, with the Nasdaq falling as technology stocks fell on the eve of Thanksgiving amid concerns the Federal Reserve may pursue a rate cut following strong US inflation data. Can be cautious about.
Donald Trump’s victory in the presidential election earlier this month, as well as his Republican Party winning majorities in both houses of Congress, provided the latest boost to equities.
Investors were pricing in hopes that Trump’s pro-business policies could boost economic growth and corporate profits. However, concerns were strong that they could also increase inflation, slowing the pace of Fed rate cuts and hurting global growth.
Traders expect the central bank to cut borrowing costs by 25 basis points at its December meeting, but hold off on cutting rates in January. CME Group’s Fedwatch Showed.
Crypto stocks gained momentum as Bitcoin climbed 2.5% to trade around $97,000. MARA Holdings rose 1.9% and Bit Digital rose 4.1%.
Applied Therapeutics fell 76% after the Food and Drug Administration refused to approve its drug to treat a rare genetic metabolic disease.
