Record High for Stocks as Election Boost Continues

The stock market indices reached record highs on Friday, continuing the upward momentum created by last week’s US elections.

This has been the best week in almost a year for the Dow Jones Industrial Average and the S&P 500. All three major indices posted gains near the 5% mark, which is incredibly rare.

The Nasdaq Composite climbed by 0.1% on Friday, with the Dow Jones adding 0.6%. The S&P rounded off the top three indices with gains of 0.4% for Friday. We expect the market to open high on Monday and continue the impressive November gains, though we will likely not see anything as outstanding as the previous week.

The market gains have been primarily attributed to optimism over Donald Trump’s election, with a secondary boost from the Federal Reserve interest rate cut. These two factors have spurred substantial trading that may slow down but should continue to stay high.

Further bullish movement is expected when the next interest rate cut occurs in early 2025, and we anticipate a bullish market when Trump is sworn in as President on January 20^th.

Friday Decline for Some Stocks

A few of the stocks which helped the indices climb so high have tracked lower for Friday and may continue to track lower as the market opens Monday. Nvidia (NVDA) is still high for the year, but down 0.84% for the day. This stock has climbed from $48 to $148 this year, so the minor setback Friday will hardly hurt it. Nvidia is trading up 0.64% in premarket trading for Monday.

Meta (META), Alphabet (GOOGL), and Apple (AAPL) were all down on Friday, but they are trending upward for Monday’s premarket trading period. The momentum lost at the end of last week could be regained very quickly this week.

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Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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