The Nasdaq and S&P 500 reached record highs on Monday. Tech, communication services, and consumer discretionary stocks drove the gains. Tesla’s stock rose 3.5% after Stifel increased its price target.
Today was the 54th all-time high in '24 for the S&P 500.
Officially the 5th most ever (since 1957 when it moved to 500 stocks).
62 in 2017 is next up.
With a new high in December, we've seen new highs in 10 out of 12 months this year (April and August didn't).
Not bad. pic.twitter.com/FiEJ27kjVr
— Ryan Detrick, CMT (@RyanDetrick) December 3, 2024
The firm cited an improved growth outlook for the electric vehicle maker. The Nasdaq and S&P 500 closed at record levels of 19,403 and 6,047. On average, they increased nearly 1%.
What does a big November for stocks mean?
When up 5% or more (like just happened) the next 12 months are up 12.8% on avg.
May and September are the best months for huge gains. pic.twitter.com/DhAXKcXBBS
— Ryan Detrick, CMT (@RyanDetrick) December 2, 2024
The Dow Jones Industrial Average decreased slightly by 0.29%. The Nasdaq experienced mixed sentiments due to uncertainties at the end of the year. Stocks had a strong November.
Since 1928, the S&P 500 has posted an average overall gain of 1.3% in December….gains have been positive 74% of the time, the best in monthly history pic.twitter.com/ULvR6VOh4V
— Liz Ann Sonders (@LizAnnSonders) December 2, 2024
The Dow and S&P 500 posted their biggest monthly percentage gains of about 7% since last November. Investors are awaiting economic indicators this week, especially Friday’s Non-farm Payroll report.
Tech sector fuels Nasdaq, S&P gains
November 2024 was best month for S&P 500 since November 2023
[Past performance is no guarantee of future results] pic.twitter.com/bdmh23SaBG— Liz Ann Sonders (@LizAnnSonders) December 2, 2024
The data may influence the Federal Reserve’s decisions. Fed official Christopher J. Waller suggested a potential rate cut next year to ease tight monetary policy.
However, inflation remains a significant concern and continues to pose challenges. U.S. manufacturing activities performed slightly better in November, according to the Institute for Supply Management index. This contributed to an overall upbeat economic mood.
“There is hope but still a cloud of doubt,” said Rick Meckler of Cherry Lane Investments. He referred to the economic policy direction under the new administration. U.S. business owners anticipate favorable reimbursement, lower taxes, and reduced regulation if former President Donald Trump returns to office.
However, there are concerns over potential tariffs. The market’s movement in the coming year is expected to depend on key economic figures and policies. This could lead to potential fluctuations until the end of the year.
