Rally Pauses, But S&P Hits Record
December 03,2024 04:45 pm EST
The S&P 500 inched higher Tuesday, eking out another record close.
The Dow Jones Industrial index declined 76.47 points to 44,705.53
The much broader index cleared breakeven 2.73 points to 6,049.88.
The NASDAQ Composite shot higher 76.96 points to 19,480.91.
Stocks have been on a blistering rally since the U.S. presidential election. Since the Nov. 5 vote, the S&P 500 has climbed 4.6%, and the NASDAQ has rallied 5.2%. The Dow is up 6% since then, and is trading near the key 45,000 level.
On the earnings front, investors will follow releases from Salesforce and Okta due after the bell.
Experts caution this doesn't mean that stocks will soar in December, since November was the best month of the year for the market. During the last trading day of November, the Dow and the S&P reached new intraday and closing highs, leading both indexes to post their best months of 2024. The Dow added 7.5%, while the S&P 500 gained 5.7% last month.
Economic data released on Tuesday morning showed that job openings were higher in October compared to September. 7.74 million job openings were posted last month, beating the Dow Jones estimate of 7.5 million.
This was the first in a salvo of data releases expected this week that can provide insight into the strength of the labor market. The main event will be Friday's November payrolls report.
Prices for the 10-year Treasury were lower, raising yields to 4.23% at Monday's 4.19%.
Oil prices increased $1.92 to $70.02 U.S. a barrel.
Prices for gold forged ahead $6.10 an ounce to $2,664.60 U.S.
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