LIVE MARKETS-S&P 500 touches 6,000, stocks notch another record closing high
Dow Jones Industrial Average DJI | 44642.52 | -0.28% |
S&P 500 index SPX | 6090.27 | +0.25% |
NASDAQ IXIC | 19859.77 | +0.81% |
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S&P 500 TOUCHES 6,000, STOCKS NOTCH ANOTHER RECORD CLOSING HIGH
Investors staggered to the end of an eventful week marked by a contentious election resulting in former President Trump's return to power and a second consecutive policy rate cut from the Federal Reserve.
Trump's victory launched U.S. stocks on a three-day rally culminating in Wall Street's biggest weekly percentage gains of the year so far.
The benchmark S&P 500 .SPX crossed above the 6,000 mark for the first time as the prospect of a congressional "red sweep" raised hopes of a more business-friendly, anti-regulatory Washington.
Bitcoin BTC= surged past $75,000 to an all-time high.
The small cap Russell 2000 .RUT reached its highest closing level since November 2021, and logged its biggest weekly percentage gain since April 2020.
For the week, the S&P 500 gained 4.66%, the Nasdaq .IXIC rose 5.74%, and the Dow .DJI climbed 4.61%.
The rising tide did not lift all boats; sectors and industries vulnerable to Trump's promised tariff hikes, and green energy firms who stand to lose their subsidies, all underperformed the broader market.
On Thursday, the Fed did as expected by cutting its policy rate by 25 basis points, and attributed the move to steadily cooling inflation and signs of a softening - but stable - economy.
Just how steadily inflation cooled in October will become clearer next week, when the Labor Department releases its consumer and producer price indexes (CPI and PPI).
On Monday, the bond market will be closed in observance of Veterans Day.
Here's your closing snapshot:
(Stephen Culp)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
FED WILL CUT RATES FURTHER IN DECEMBER AND IN 2025, UBS SAYS - CLICK HERE
INDIVIDUAL INVESTORS GAUGE THE PACE OF INFLATION - AAII - CLICK HERE
CARSON GROUP THINKS THE SETUP CAN STOKE YEAR-END STRENGTH - CLICK HERE
CONSUMER CORNER: UMICH, OUTSTANDING CONSUMER CREDIT - CLICK HERE
U.S. INDEXES MIXED EARLY FRIDAY, BUT POISED FOR BIG WEEKLY GAINS - CLICK HERE
BENCHMARK TREASURY YIELD: 7-WEEK WIN STREAK IN JEOPARDY - CLICK HERE
IS FED INDEPENDENCE UNDER THREAT? PROBABLY NOT... - CLICK HERE
WHAT DOES TRUMP 2.0 MEAN FOR BIG TECH? - CLICK HERE
CITI FX STRATEGISTS SHORT THE EURO - CLICK HERE
ALL HOPE IS NOT LOST FOR EMERGING MARKET INVESTORS, SAYS UBS - CLICK HERE
STOXX 600 STEADY, SET FOR WEEKLY LOSS - CLICK HERE
EUROPE BEFORE THE BELL: FUTURES CAUTIOUSLY HIGHER - CLICK HERE
STOCKS AT RECORD PEAKS ON STIMULUS HOPES - CLICK HERE