Wall Street closes higher after business activity data

Wall Street closes higher after business activity data

By Abigail Summerville and Johann M Cherian

Fri November 22, 2024 4:43 PM

Choppiness was the order of the day across all of tech as the market obviously has returned to a state of nervousness regarding the legal woes of both Google and Amazon as well as the future sustainability of AI as evidenced by Nvidia slipping 3.2%, also in choppy trading. But investors are taking a positive twist on all this watching “this leadership change go from technology to everything else” with small caps acting much better. This was amply demonstrated by a second day of spectacular performance on the traditional Dow.  

The industrials enjoyed another impressive 3-digit gain, and there was nothing choppy about that one. Today’s good news showing a 31-month high in business activity and therefore “robust economic activity in the world’s largest economy,” investors are rotating out of their growth peers and into more traditional industries. Yesterday we saw the volume gap close for the time in a while, but today it was back to business as usual as the daily volume of 13.5 billion once again sunk below the 14.6 billion 4-week average. 

DJ: 43,870.35  +461.88      NAS: 18,972.42  +6.28        S&P: 5,948.71  +31.60        11/21

DJ: 44,296.51  +426.16      NAS: 19,003.65  +31.23      S&P: 5,969.34  +20.63        11/22

Fri 11-22-24 4:43 pm Wall Street closes higher after business activity data | Reuters