International

FILE – People walk past the New York Stock Exchange on Tuesday, Nov. 26, 2024.

AP Photo/Peter Morgan, File

Stock market today: S&P 500 and Dow post gains and close out best month of 2024

By The Canadian Press

Published 11:05 PST, Fri November 29, 2024

—

NEW YORK (AP) — Stocks posted solid gains as Wall Street put the finishing touches on one of its best months of the year.

The S&P rose 0.6 per cent while the Dow Jones Industrial Average gained 0.4 per cent. Both indexes closed out November with their best monthly performances of the year. The Nasdaq added 0.8 per cent. Friday was an abbreviated trading day, with stocks closing at 1 p.m. ET and the bond market an hour later.

Investors were looking to see how much shoppers are willing to spend on gifts for the holidays. Black Friday unofficially kicked off the holiday shopping season, although retailers had been offering early deals for weeks. Macy’s and Best Buy each gained around 2 per cent.

Apple rose 1.1 per cent. The technology giant is hoping recently added artificial intelligence features are enough to entice consumers to treat themselves or their relatives to a new iPhone for the holidays.

The Dow rose 7.5 per cent in November, easily its best month of 2024. The Walt Disney Co. has the biggest percentage gain for the month at 22.1v, but the price-weighted index also got a boost from Goldman Sachs, up 17.5 per cent to $608.57 and Salesforce, up more than 13 per cent to $329.99.

The S&P 500 gained 5.7 per cent this month, driven by Tesla and other stocks that received a boost from Donald Trump’s win in the presidential election. Discover Financial Services leads a list of financials stocks that had a good November, up nearly 23 per cent for the month despite a small loss Friday. Investors believe the credit card company's merger with Capital One has a greater chance of going through under a Trump administration and overall the financial services industry faces less restrictive oversight.

Tesla shares rose 3.7 per cent Friday and posted a monthly increase of more than 38 per cent. The electric vehicle maker is expected to benefit from CEO Elon Musk’s support of Trump.

Musk also gave a boost to Hasbro shares after he triggered takeover speculation when he asked in a post on X how much the toy and game company was worth. Hasbro, which owns the role-playing game Dungeon & Dragons, rose 2 per cent.

Bond yields fell, with the yield on the 10-year Treasury slipping to 4.19 per cent.

Bitcoin, which recently made a run at $100,000 before dropping back, briefly rose back above $98,000 but was recently trading around $97,300.

Global markets mostly fell. Tokyo’s Nikkei 225 index fell 0.4 per cent after the government reported that inflation in Tokyo, considered an indicator for national trends, was 2.6 per cent in November, up from 1.8 per cent last month mainly due to a surge in fresh food prices.

Chinese markets advanced. Hong Kong’s Hang Seng index gained 0.3 per cent. Meanwhile, the Shanghai Composite index rose 0.9 per cent. Gains in retailers’ stocks drove market gains after a two-day meeting in Beijing focused on promoting consumption ended on Thursday.

———

Zimo Zhong in Hong Kong contributed to this report.