Stocks Continue Up, With Another Record High for S&P 500 and Nasdaq
Stock markets resumed the uptrend right away, with S&P 500 and Dow Jones printing a new all-time high, as SPX consolidates above 6,000 points, while DJIA climbed above 45,000 points before retreating slightly and closing the day just below that major level.
U.S. markets showed no signs of a post-Thanksgiving lull. The S&P 500 extended its rally, closing 30 points higher for a 0.60% gain on the day. The Nasdaq Composite outperformed, climbing 0.80%, driven by a robust performance in the semiconductor sector. Chipmakers led the charge after reports indicated that the U.S. would impose less stringent restrictions on chip exports to China than initially anticipated, boosting sentiment in the tech-heavy Nasdaq.
S&P 500 Chart Daily – Feeling Comfortable Above 6.000
Meanwhile, European markets began the week on shaky ground but staged a solid recovery by Thursday and Friday. The turnaround was largely driven by expectations of further rate cuts by the European Central Bank (ECB) after Eurozone core inflation data came in slightly below expectations. Leading the rally was Germany’s DAX, which posted strong gains by the close on Friday.
European Market Performance
Daily Closing Changes – 29 November 2024
- Stoxx 600: +0.6%
- German DAX: +1.0%
- France CAC: +0.7%
- UK FTSE 100: Flat
- Spain IBEX: +0.3%
- Italy’s FTSE MIB: +0.4%
European markets closed on a strong note, led by gains in Germany’s DAX, which surged by 1.0%. Broader indices like the Stoxx 600 reflected optimism, gaining 0.6% for the day. However, the UK FTSE 100 remained flat, indicating a mixed sentiment in certain regions.
Weekly Performance
- Stoxx 600: +0.4%
- German DAX: +1.6%
- France CAC: -0.2%
- UK FTSE 100: +0.3%
- Spain IBEX: Flat
- Italy’s FTSE MIB: -0.25%
The weekly picture was less uniform, with Germany’s DAX standing out as the top performer, gaining 1.6% on robust investor confidence. The Stoxx 600 managed a modest 0.4% weekly rise, supported by strong sectoral performance in manufacturing and technology. On the other hand, France’s CAC and Italy’s FTSE MIB saw minor declines, reflecting localized concerns over economic and corporate performance. Spain’s IBEX remained flat over the week.
Key Takeaway
While daily gains signaled a strong finish for the week, underlying divergences among European markets underscore region-specific economic dynamics and investor sentiment. Germany’s resilience continues to bolster broader market optimism, but persistent challenges in other regions hint at cautious trading ahead.
S&P 500 Live Chart
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