Wall Street closed on a high note Friday, with all three major indexes reaching record levels during a holiday-shortened trading session. The Dow Jones Industrial Average gained 0.4%, while the S&P 500 rose 0.6%, achieving its best post-Thanksgiving Friday performance since 2012. The tech-heavy Nasdaq Composite led the rally, jumping 0.9%.
November proved to be a standout month for the markets, with the S&P 500, Dow, and Russell 2000 delivering their best monthly performances in a year. Year-to-date, the S&P 500 is up more than 25%, making 2023 the index’s strongest year to date since 2013. If the index finishes December with another 20%+ annual gain, it would mark the first consecutive years of such growth since 1998-99.
Investors remain optimistic despite looming economic uncertainties, including the potential fallout from President-elect Donald Trump’s proposed tariffs on major trading partners like Mexico, Canada, and China. However, Mexican President Claudia Sheinbaum expressed confidence that a tariff war can be avoided after a constructive phone call with Trump.
Even with a slower pace of Federal Reserve rate cuts expected, investor enthusiasm remains high, signaling strong momentum as the stock market closes one of its best years this century.
