The stock market reached new heights on Friday as the S&P 500 hit a record close of 6,090.27, gaining 0.25%. The tech-heavy Nasdaq also advanced by 0.81% to finish at 19,859.77, supported by strong performances from select tech stocks. Both indexes set new all-time highs during the session and ended the day with record closing levels.
This marks the third consecutive positive week for both the S&P 500 and Nasdaq, which rose 0.96% and 3.34%, respectively. However, the Dow Jones Industrial Average slipped 123.19 points, or 0.28%, to settle at 44,642.52, experiencing a 0.6% decline over the same period. Economic data released on Friday revealed an increase in nonfarm payrolls by 227,000 in November, outpacing the Dow Jones estimate of 214,000.
This figure significantly improved from October’s revised gain of 36,000. The unemployment rate inched up to 4.2%, matching expectations.
Stock futures continue positive streak
Presented with this balanced unemployment data, futures trading data indicated an 85% probability of another rate cut by the Federal Reserve later this month. Luke O’Neill, portfolio manager at Catalyst Funds, commented, “You’re seeing a labor market that is not weak but is definitely softening, creating confidence among traders for a 25 basis-point rate cut at the upcoming meeting.”
Bank of America reported significant shifts in consumer spending behavior for Black Friday, with online retail spending rising by 7.9% compared to the previous year’s week ending Nov. 30.
However, brick-and-mortar retail experienced a 0.3% decline, despite gains in almost every spending category. The video game sector saw notable gains with strong stock performances. ESPO, a video game ETF, is on track for its 14th consecutive positive session, setting a new all-time high.
The ETF has surged by 30% over the past three months, outperforming the broader market’s 17% gain. UBS maintained its positive outlook on global equities despite potential tariff threats, advising investors to remain bullish as they navigate the market in the upcoming year.
