Dow Surges Nearly 200 Points as S&P 500 Caps Best Month of 2024

Dow surged 188.59 points, or 0.42%, on Friday, closing at 44,910.65 in a shortened trading session. The S&P 500 climbed 0.56% to 6,032.38, while the Nasdaq Composite advanced 0.83% to 19,218.17. Both the Dow and S&P 500 set new intraday and closing records, rounding off a strong month for U.S. equities.

Chip Stocks Drive the Gains of Dow

Some of the Dow’s momentum came from a rally in chip stocks. Reports from Bloomberg suggested that the Biden administration may impose milder-than-expected restrictions on semiconductor exports to China. In response, Lam Research rose over 3%, and Nvidia gained more than 2%. The broader sector also benefited, with the iShares Semiconductor ETF (SOXX) adding 1.3%.
This sector-wide boost helped lift about 60% of S&P 500 components into positive territory by the end of the session, contributing to the index’s historic levels.

November Delivers Strong Market Gains

November marked a winning streak across the major indices. The Dow rose 1.4% for the week, bringing its monthly gain to 7.5%. The S&P 500 and Nasdaq Composite also ended the week higher by 1.1%, closing the month with increases of more than 5% and 6%, respectively.

With these impressive performances, both the Dow and S&P 500 celebrated their best months of 2024, reinforcing the positive sentiment among traders and investors.

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