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On Friday (11/8), the S&P 500 Index briefly exceeded the 6,000 level and closed with its largest weekly percentage gain in a year, as Donald Trump’s election victory and the possibility of a Republican victory in the US Congress fueled expectations for favorable business policies.
Also supporting stocks this week was the Federal Reserve’s 25 basis point interest rate cut on Thursday (11/7).
On Friday (11/8), the Dow Jones Industrial Average rose 259.65 points or 0.59% to 43,988.99, the S&P 500 rose 22.44 points or 0.38% to 5,995.54. And, the Nasdaq Composite rose 17.32 points or 0.09% to 19,286.78.
The S&P 500 and Dow Industrials posted their best weekly percentage gains since early November 2023, while the Nasdaq posted its best week in two months and its second-best week of 2024.
Investors are also watching for a potential “red sweep” as Republicans look to maintain their slim lead in the House after winning control of the Senate. That would make it easier for Trump to enact his legislative plans.
Expectations for lower corporate taxes and deregulation lifted the Nasdaq to a record closing high for a third straight session. The S&P secured its 50th record close this year.
Interest-rate-sensitive sectors such as real estate and utilities were the best performers of the 11 major S&P 500 groups as Treasury yields fell for a second straight session after a sharp spike following the election.
However, the benchmark 10-year Treasury yield remained near a four-month high, and markets have scaled back expectations for the pace of Fed rate cuts in 2025 as concerns persist that the incoming administration’s proposed tariffs are likely to reignite inflation.
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