U.S. stocks close higher with Dow’s new record high

NEW YORK, Nov. 22 (Xinhua) — U.S. stocks ended higher on Friday, as investors were buoyed by data suggesting continued strength in the U.S. economy.
The Dow Jones Industrial Average rose 426.16 points, or 0.97 percent, to 44,296.51, hitting a new record high. The S&P 500 added 20.63 points, or 0.35 percent, to 5,969.34. The Nasdaq Composite Index increased 31.23 points, or 0.16 percent, to 9,003.65.
Eight of the 11 primary S&P 500 sectors ended in green, with industrials and consumer discretionary leading the gainers by adding 1.36 percent and 1.18 percent, respectively. Meanwhile, communication services and utilities led the laggards by losing 0.69 percent and 0.66 percent, respectively.
The S&P Global’s U.S. flash manufacturing purchasing managers’ index for November ticked up slightly to 48.8 from October’s 48.5. While still below the 50 mark that signals contraction, the improvement hinted at some stabilization in the manufacturing sector.
Speculation over the Federal Reserve’s next move in December continues to oscillate between a rate pause and a cut, influenced by projections of how President-elect Donald Trump’s economic plans might affect inflation.
According to the CME Group’s FedWatch Tool, there is now a 59.6 percent chance the Fed will lower interest rates by 25 basis points next month.
Geopolitical developments also captured attention. Tensions between Ukraine and Russia escalated this week with missile exchanges, and Russia’s adjustment of its nuclear policy raised market concerns. Meanwhile, investors are keeping a close watch on Trump’s upcoming Treasury Secretary appointment, which could have significant economic implications.
“The fact that we’ve been calm on a nice, steady stair step pattern higher is very encouraging and reflective of the fact that investors aren’t acting with the emotion that they could be given the amount of uncertainties we’ve faced,” said Mark Hackett, chief of Investment Research at Nationwide.
Looking ahead, next week’s trading will be abbreviated due to the Thanksgiving holiday, with U.S. markets closed on Thursday and operating on reduced hours on Friday. ■