S&P 500, Dow close at record highs on tech, retail in focus

S&P 500, Dow close at record highs on tech, retail in focus

By Saeed Azhar, Johann M Cherian and Purvi Agarwal

Fri November 29, 2024 6:17 PM

It was yet another record-setting day for both the Dow and S&P as record-setting holiday weekend retail sales plus a bounce back for both IT and chips sent both tech and industrials into another round of 3-digit gains. As things have been going for weeks now, every good day has been credited to either equities feeling the impact of the rate cuts or Trump’s victory favoring business.  

Conversely the bad days have been blamed on fears of a slowdown in rate cuts or Trump’s proposed policies stoking inflation. But all in all, it’s been a positive if not completely stable environment. But at 8 billion shares, volume came in at half the 15 billion average but that was to be expected for the shortened holiday week and particularly today’s shortened 3-1/2 hour session.  (Note: something odd happened in the final 15 minutes to cause both the Dow and S&P to crash, the Dow losing over 150 points. No explanation so tune in Monday to see what happens next.)  

DJ: 44,722.06  -138.25       NAS: 19,060.48  -115.10      S&P: 5,998.74  -22.89         11/27

DJ: 44,910.65  +188.59      NAS: 19,218.17  +157.69     S&P: 6,032.38  +33.64        11/29

Fri 11-29-24 6:17 pm S&P 500, Dow close at record highs on tech, retail in focus | Reuters