S&P Hits New High for 2023

S&P Hits New High for 2023

December 01,2023 04:26 pm EST

The S&P 500 soared to a closing high for 2023 on Friday, extending November's rally into the new month.

The Dow Jones Industrials hurtled higher 294.61 points at 36,245.50, bringing its year-to-date gain to about 9%.

The S&P 500 sprang up 26.83 points to 4,594.63.

The NASDAQ gathered 78.81 points, to 14,305.03.

Ulta Beauty and Boston Properties were among the stocks led the S&P 500 higher on Friday, gaining more than 10.6% each, while Paramount popped more than 8.5%.

Federal Reserve Chair Jerome Powell on Friday pushed back against the market's expectations for interest rate cuts ahead, saying it is “premature to conclude with confidence” that monetary policy is “sufficiently restrictive.”

Data released earlier Friday showed that U.S. manufacturing remained at low levels in November, according to the Institute for Supply Management, which said that its manufacturing PMI was unchanged at 46.7 last month. November was the 13th straight month during which the PMI came out below 50, which is an indicator of a slowdown in manufacturing.

November's gains snapped a three-month losing streak. The S&P jumped 8.9% and the NASDAQ rallied 10.7%, to notch their best monthly performances since July 2022. The Dow surged 8.8% for its best month since October 2022.

Prices for the 10-year Treasury strode upward, lowering yields to 4.21% from Thursday's 4.33%. Treasury prices and yields move in opposite directions.

Oil prices descended $1.73 to $74.23 U.S. a barrel.

Gold prices climbed $32.80 to $2,090.20.


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