Stock Market News for Nov 26, 2024

U.S. stocks ended higher on Monday, with the Dow closing at a record high after President-elect Donald Trump nominated Scott Bessent for Treasury secretary. All three major indexes ended in positive territory.

How Did The Benchmarks Perform?

The Dow Jones Industrial Average (DJI) rose 1% or 440.06 points, to finish at 44,736.57 points, registering its 45th closing record close this year.

The S&P 500 advanced 0.3% or 18.03 points, to close at 5,987.37 points. Consumer discretionary, and real estate stocks were the best performers.

The Consumer Discretionary Select Sector SPDR (XLY) gained 1%. The Real Estate Select Sector SPDR (XLRE) rose 1.3%, while the Materials Select Sector SPDR (XLB) added 1%. Nine of the 11 sectors of the benchmark index ended in positive territory.

The tech-heavy Nasdaq jumped 0.3% or 51.18 points to end at 19,054.84 points.

The fear-gauge CBOE Volatility Index (VIX) was down 4.20% to 14.60. Advancers outnumbered decliners on the NYSE by a 3.01-to-1 ratio. A total of 16.69 billion shares were traded on Monday, higher than the last 20-session average of 14.93 billion.

Stocks Rally after Bessent Nomination

Stocks ended last week on a high. On Monday all three major indexes extended their gains. The rally gathered pace after Trump nominated Bessent for Treasury secretary. Investors cheered the decision as they believe that Bessent would guide the economy into greener pastures without sparking inflation.

The small-cap Russell 2000 also extended its rally, adding 35.36 points or 1.5% to finish at 2,442.03 points, its sixth straight day of gains. This is the index’s longest winning streak since September 19 when markets rallied for seven consecutive days.

Monday’s rally was broad-based with materials, discretionary and real estate stocks gaining big. However, tech stocks had a mixed day.

Shares of NVIDIA Corporation (NVDA) and Netflix, Inc. (NFLX) declined 4.2% and 3.6%, respectively. Shares of Meta Platforms, Inc. (META) and Apple Inc. (AAPL) gained 1.1%, respectively. NVIDIA carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Investors are now looking forward to a spate of economic data due for release this week. The consumer confidence reading will be out on Tuesday, while October’s personal consumption expenditures price index and the minutes of the Fed’s November meeting will be released on Wednesday.

Also, the jobless claims report will be out a day earlier on Wednesday due to the Thanksgiving holiday. Markets will remain closed on Thursday and will wrap up early on Friday.

No major economic data was released on Monday.

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