The S&P 500 rose to new heights on Friday amid a shortened trading day that will cap a strong month for equities.
The broad S&P 500 added 0.7% and hit a fresh intraday high, while the Nasdaq Composite jumped 0.9%.The Dow Jones Industrial Average
climbed 336 points, or 0.8%, on track for its first-ever close above 45,000.
Some of the upward momentum came from chip stocks, which popped after Bloomberg reported that the Biden administration was considering additional barriers on the sale of semiconductor equipment to China that weren't as strong as previously expected. Lam Research rallied more than 3% while Applied Materials and Nvidia
each jumped more than 2%. The iShares Semiconductor ETF (SOXX)
added more than 1.5%.
To be sure, it was a broad advance that propelled the S&P 500 into uncharted territory. About 4 out of every 5 S&P 500 members, and all 11 of the sectors that comprise the benchmark, headed for gains in the session.
Those moves come as traders look to the end of a winning week and month. November trading largely centered on the postelection rally seen on the back of President-elect Donald Trump's victory.
The Dow has added 1.7% week to date, bringing its gain for November close to 8%. The S&P 500 and Nasdaq Composite have each advanced 1.2% on the week, and are now tracking to end 2024′s penultimate month higher by more than 5% and 6%, respectively. With those gains, the Dow and S&P 500 are both on pace to notch their best months of 2024.(Cay) Newsmaker.id
Source: CNBC
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