Stock Market Hits Record Highs on Black Friday
The stock market hit new highs on Black Friday, with the S&P 500 and Dow Jones Industrial Average closing at record levels. The S&P 500 rose to 6,032.44 points, up by 0.56%, while the Dow Jones Industrial Average climbed to 44,910.65 points, a gain of 0.42%.
Technology stocks played a major role in this surge, with Nvidia leading the charge by gaining 2% and Tesla rising by 3.7%. The Philadelphia SE Semiconductor index also saw a rebound of 1.5% from Wednesday’s declines.
On the retail front, Target and Macy’s stood out as the holiday shopping season kicked off, with both companies seeing their stocks rise by 1.7% and 1.8% respectively. Adobe Analytics estimated that online purchases on Black Friday alone would reach a record $10.8 billion, a 9.9% increase from the previous year.
Investors were pleased with the market’s strong performance on Black Friday, especially after the declines experienced on Wednesday due to concerns over the Federal Reserve’s rate cut plans. There is now anticipation that the Fed might lower borrowing costs by 25 basis points in December, but subsequently pause rate cuts in January.
In other market news, crypto stocks witnessed a boost following gains in bitcoin, lifting MARA Holdings by 1.9%. However, Applied Therapeutics experienced a significant drop of 76% after the FDA rejected its drug for the treatment of a rare genetic metabolic disease.
Overall, the market’s robust performance on Black Friday indicates that investors are optimistic about the holiday shopping season and the economy at large.
