Dow jumps nearly 200 points to record in short session
The Dow Jones Industrial Average and S&P 500
rose to new heights on Friday amid a shortened trading day that capped a strong month for equities.
The S&P 500 added 0.56% to 6,032.38, while the Nasdaq Composite
jumped 0.83% to 19,218.17.The Dow climbed 188.59 points, or 0.42%, to end at 44,910.65. Both the Dow and S&P 500 notched new intraday and closing highs.
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. Lam Research rallied more than 3%, while Nvidia jumped more than 2%. The iShares Semiconductor ETF (SOXX) added 1.3%.
A fairly broad advance propelled the S&P 500 into uncharted territory. About three out of every five S&P 500 members finished the session in the green.
Those moves came as traders looked 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.
The Dow added 1.4% this week, bringing its gain for November to 7.5%. The S&P 500 and Nasdaq Composite each advanced 1.1% on the week, ending 2024′s penultimate month higher by more than 5% and 6%, respectively. With those gains, the Dow and S&P 500 notched their best months of 2024.(Cay)
Source; CNBC
