Following the pullback seen during Wednesday’s session, stocks moved back to the upside on Friday as trading resumed following the Thanksgiving Day holiday on Thursday.
With the rebound, the major averages more than offset the previous session’s losses, lifting the Dow and the S&P 500 to new record closing highs.
The major averages pulled back off their best levels going into the close but remained firmly positive. The Dow rose 188.59 points or 0.4 percent to 44,910.65, the Nasdaq advanced 157.69 points or 0.8 percent to 19,218.17 and the S&P 500 climbed 33.64 points or 0.6 percent to 6,032.38.
For the holiday-interrupted week, the Nasdaq and the S&P 500 both jumped by 1.1 percent, while the narrower Dow surged by 1.4 percent.
The strength on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following pullback seen on Wednesday.
Semiconductor stocks helped lead the rebound, with the Philadelphia Semiconductor Index climbing by 1.5 percent after hitting its lowest intraday level in over two months in the previous session.
The strength in the sector came as semiconductor equipment makers jumped after a report from Bloomberg said the Biden administration is weighing curbs on sales of semiconductor equipment and AI memory chips to China that stop short of stricter measures previously considered.
Most of the other major sectors showed more modest moves, however, as some traders remained away from their desks following the holiday on Thursday and ahead of the early close for the markets this afternoon.
A lack of major U.S. economic data may also have kept traders on the sidelines ahead of the release of several closely watched reports next week.
The Labor Department’s monthly jobs report is likely to be in focus next week, while traders are also likely to keep an eye on reports on manufacturing and service sector activity.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan’s Nikkei 225 Index fell by 0.4 percent, while China’s Shanghai Composite Index advanced by 0.9 percent.
Meanwhile, the major European markets all moved to the upside over the course of the session. While the German DAX Index jumped by 1.0 percent, the French CAC 40 Index climbed by 0.8 percent and the U.K.’s FTSE 100 Index crept up by 0.1 percent.
In the bond market, treasuries are extending the upward move seen during Wednesday’s session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.8 basis points at 4.194 percent.
Looking Ahead
As mentioned above, the Labor Department’s monthly jobs report is likely to be in the spotlight next week, while reports on manufacturing and service sector activity may also attract attention.
Business News
U.S. Stocks Finish Abbreviated Session Mostly Higher
2024-11-29 18:12:48
