Record highs for S&P 500 and Dow Jones, chip stocks rally with US curbs on China

From Nasdaq: 2024-11-29 18:07:27

Stocks closed higher on Friday, with the S&P 500, Dow Jones, and Nasdaq 100 all posting gains. Chip stocks rallied after news of US curbs on chip technology to China. Bond yields fell, with the 10-year T-note hitting a 5-week low. Overseas markets settled mixed. Heavy stock buying drove record highs this month, with $141 billion flowing into US equities. The markets anticipate a 66% chance of a rate cut at the December FOMC meeting.

European bond yields fell while US rates climbed to a 1-month high. Eurozone CPI met expectations, but German retail sales fell. ECB officials hinted at aggressive rate cuts if needed. US stock movers included chip stocks and casino operators in Macau. Boeing rose after a deal with BOA Aviation. Voyager Therapeutics and Ulta Beauty saw gains, while MercadoLibre and Workday faced losses. Insider selling impacted Airbnb, Corteva, and Fifth Third Bancorp. Earnings reports for December 2nd included Compass Minerals International and Zscaler Inc.



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