The Dow Jones Industrial Index closed 0.56% at 36,327.95, a record high. After that, in the middle of the match, he scored 36,484.75 points for the first time in his history.
The Standard & Poor’s 500 climbed 0.37% to 4697.53, its highest at the close. During the session, it was catapulted to its highest value on record – 4,718.50 points.
For its part, the tech Nasdaq Composite rose 0.20% to 15,971.59, which is also a record for closing prices. In intraday trading, it peaked at 16,053.39, a level never touched before.
The Dow closes the week with 1.4% gains, while the S&P 500 and Nasdaq gained about 2% and 3% over five sessions, respectively.
The S&P 500 marks its seventh straight gaining session today, the longest winning streak since August 2020. Meanwhile, the Nasdaq has consolidated its position in the last 10 rounds. Both indices are up about 25% this year.
Smaller-cap stocks, which tend to be more vaunted for the US economy and less internationally than the so-called (larger cap) blue chips listed on the Dow, S&P 500 and Nasdaq, performed even better. The Russell 2000 Index added 1.4% this Friday and closed at all-time highs, which also indicates a 6% rise over the week.
The new records were driven by good US employment data. In October, the number of new employees increased by 531,000, indicating that economic activity in the country is recovering. This is at a time when the Fed has made it clear that it will not rush to raise key interest rates, which are currently at historic lows.
Market sentiment was also fueled by Pfizer, which closed 10.86% higher following promising data on its compressed against covid-19…
Are fed by the good winds
“After the initial exposure following the announcements at the end of each Fed meeting, the next day’s Thursday session is usually nine hours of evidence of investors’ reaction to where they intend to push the market, given the events that were decided upon. in monetary policy. This has been the case in recent years, and if from time to time the recording in the last minutes of Wednesday is conducted in the same direction as the recording of Thursday, in some cases such correspondence does not correspond to reality, which catches some investors by surprise, not least because they were situations where things happened overnight, such as the reaction of analysts and important stakeholders, that change the direction of sentiment, ”emphasized Marco Silva, Technical Analyst at ActivTrades, in his daily analysis of today.
However, as he stresses, Wednesday’s uptrend continued yesterday, “which is a great sign for the bulls, given that US indices are at all-time highs and that we are heading into a fundamental phase of Wall Street behavior. namely what is called the Christmas Rally [Santa Rally], which represents a period of significant appreciation until the end of the year, which could begin in mid-November or, in more extreme situations, after Christmas, as happened in 2018, after a major correction due to adverse investor actions at the October Fed meeting. which paved a more hawkish path than what the market thought was ideal. “
And after overcoming this year’s great unknown, which did not prevent the prevailing optimism from continuing, today a window of opportunity for the Christmas rally has begun, with the penultimate “non-farm data” of the year known to the point. for companies, namely online retail sales – the big party known for the duo Black Friday and Cyber Monday. A series of events that have become an increasingly important barometer of Wall Street’s progress year after year, and this year has become even more relevant because supply constraints could affect sales and therefore profit margins of companies, Amazon warned. Marco Silva. And the scenario remains optimistic after good employment figures become known.
