Stocks rise in Friday’s shortened session, Dow and S&P 500 head for best months of 2024
Stocks ticked higher Friday amid a shortened trading day that will cap a strong month for equities.
The Dow Jones Industrial Average climbed 221 points, or 0.5%, on track for another record close. The S&P 500 and Nasdaq Composite added 0.6% and 0.8%, respectively.
Some of the upward momentum came from chip stocks, which popped after Bloomberg reported that the Biden administration was considering additional barriers on the sale of semiconductor equipment to China that weren’t as strong as previously expected. Applied Materials and Lam Research rallied more than 3% and 5%, respectively, while Nvidia jumped more than 2%. The iShares Semiconductor ETF (SOXX) added more than 2%.
Those moves come as traders look to the end of a winning week and month. November trading largely centered on the postelection rally seen on the back of President-elect Donald Trump’s victory.
Source: CNBC