Stock Market News for Nov 27, 2023
U.S. stock finished mostly higher in holiday-shortened trading on Friday as all three major indexes recorded four straight weeks of gains. However, the Nasdaq ended in negative territory for the day.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.3% or 117.12 points to finish at 35,390.15 points.
The S&P 500 added 0.1% or 2.72 points, to end at 4,559.34 points. Technology and communication services stocks and were the only losers on the index.
The Technology Select Sector SPDR (XLK) fell 0.2%, while the Communication Services Select Sector SPDR (XLC) declined 0.3%. Nine of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq slipped 0.1% or 15 points to close at 14,250.85 points.
The fear-gauge CBOE Volatility Index (VIX) was down 2.66% to 12.46. A total of 4.97 billion shares were traded on Friday, lower than the last 20-session average of 10.49 billion. Advancers outnumbered decliners on the NYSE by a 2.64-to-1 ratio. On the Nasdaq, a 2.29-to-1 ratio favored advancing issues.
Bond Yields Rise on Holiday-Shortened Day
Investors returned to Wall Street after Thursday’s Thanksgiving holiday. Trading volume remained low as all three major stock exchanges closed at 1 p.m. EST on Friday.
However, bond yields rose once again on Friday although trading was shortened. The 10-year Treasury yield jumped 5.6 basis points to close at 4.467%. This comes after Treasury yields fell drastically earlier this week on hopes that the Federal Reserve may be done with raising interest rates as inflation continues to cool.
Retail stocks gained on Friday as Black Friday marked the beginning of the holiday shopping season. Shares of Walmart, Inc. (WMT) and The Kroger Co. (KR) rose 0.9% and 0.8%, respectively. The Kroger Co has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
November is turning out to be one of the best months of 2023 after stocks made a solid turnaround following a decline in August, September and October.
No major economic data was released on Friday.
Weekly Roundup
All three major indexes finished higher for the fourth straight week. The Dow rose 1.3% for the week.
The S&P 500 also finished the week up 1.3% recording its longest winning streak since June. It was also the index’s biggest four-week gain since November 2022.
The Nasdaq ended the week 0.9% higher, also recording its longest winning streak since June.
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