Amid a scorching November rally, the S&P 500 increased on Friday, securing a third consecutive winning week.
The overall index ended at 4,514.02, up 0.13%. The Dow Jones Industrial Average closed the day at 34,947.28, up 1.81 points, or 0.01%. At 14,125.48 at the end of the session, the Nasdaq Composite edged higher by 0.08%.
For the third consecutive week, all major averages saw positive results. While the Nasdaq surged almost 2.4%, the S&P 500 gained 2.2%. With a 1.9% gain, the Dow ended the week higher. For the Dow, S&P 500, and Nasdaq, this is the first three-week winning run since July and June, respectively.
Investors were encouraged to believe that the Federal Reserve’s strict stance on rate policy would be changing due to the relatively soft U.S. inflation statistics, which precipitated those advances.
This month, stocks have been extremely strong. The S&P 500 has gained 7.6% in November, compared to a 5.7% rise for the Dow. 9.9% is the leap in the Nasdaq.
“It seems likely that we will end the year with a little rally, so I don’t believe the story for the remainder of this year is are we going to finish with a little of a rally,” stated Horizon Investments chief investment officer Scott Ladner.
Source (CNBC)
