Following a brief dip to the lowest level in two months, stocks saw a rise on Wednesday as the November market surge continued into the Thanksgiving break.
The Dow Jones Industrial Average reached 35,273.03, up 184.74 points, or 0.53%. At 4,556.62, the S&P 500 increased by 0.41%. The Nasdaq Composite reached 14,265.86, up 0.46%.
The majority of equities traded on the New York Stock Exchange had a gain on Wednesday, suggesting that the market’s advance is becoming more widespread. There was more activity on the tech-heavy Nasdaq as well, with 62.9% of the index’s companies climbing. Mid-caps and small-caps did better on Wednesday, gaining 0.6% and 0.7%, respectively.
In the meantime, OPEC postponed its production cut meeting that was initially slated for the weekend, causing the oil sector to lose 0.1% on Wednesday. Devon Energy, Marathon Oil, and EOG Resources all had lower closing prices.
The 10-year Treasury yield momentarily dropped to 4.369% on Wednesday morning, its lowest since September 22. After that, it rebounded and was last slightly altered at 4.41%. The 10-year yield has also significantly decreased after it crossed the 5% threshold in October for the first time in sixteen years.
In its most recent meeting notes, released on Tuesday, the Federal Reserve indicated that monetary policy will continue to be restrictive and did not anticipate lowering interest rates anytime soon. But investors are still hopeful that the central bank won’t hike rates at its Fed Funds Futures Trading reports on the December meeting.
Source (CNBC)