“US Stock Market Rebounds with the Dow up Nearly 400 Points as Stocks Climb”
On Friday, US stock markets rallied, with the Dow Jones Industrial Average gaining nearly 400 points. This comeback came after stocks fell on Thursday, ending an eight-day winning streak.
The stock surge saw the S&P 500 reaching the 4,400 threshold, near its two-month high and above its 100-day moving average. The Nasdaq also surged by more than 2%.
The rebound came as Treasury markets stabilized from the previous day, allowing the three major stock indexes to cap off winning weeks. This occurred despite concerns over hawkish talk from Federal Reserve Chair Jerome Powell a day earlier.
In further economic news, US consumers’ long-term inflation expectations climbed to the highest levels since 2011, according to a preliminary November report from the University of Michigan. The report revealed that consumers expect prices to rise by 3.2% annually for the next five to 10 years, an increase from 3% the previous month. However, the University of Michigan’s consumer sentiment index dipped to 60.4, a six-month low. Survey director Joanne Hsu expressed that growing concerns about high interest rates, as well as ongoing wars in Gaza and Ukraine, weighed on consumers.
As the markets closed on Friday, the Dow Jones Industrial Average stood at 34,283.10, up 1.15% (+391.16 points), the S&P 500 at 4,415.24, up 1.56%, and the Nasdaq Composite at 13,798.11, up 2.05%.
In other news, the S&P 500 is expected to test record highs in 2024 according to Ryan Detrick. Additionally, billionaire investor Rob Baron disclosed that he has never owned a bond, while China purchased 3 million metric tons of American soybeans.
In commodities, the price of oil saw an increase, with West Texas Intermediate up 2.01% to $77.26 a barrel and Brent crude, the international benchmark, moving higher by 1.90% to $81.53 a barrel. Gold edged lower by 1.5% to $1,940.50 per ounce, and the 10-year Treasury yield moved lower by one basis point to 4.62%. Bitcoin also climbed 2.16% to $37,144.
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