DonGlock26
Diamond Member
- Sep 15, 2024
- 4,139
- 6,067
- 1,893
Dow jumps nearly 200 points to record in short session, S&P 500 posts best month of 2024
The Dow Jones Industrial Average
and S&P 500
rose to new heights on Friday amid a shortened trading day capped a strong month for equities.
The S&P 500 added 0.56% to 6,032.28, while the Nasdaq Composite
jumped 0.83% to 19,218.17.The Dow Jones Industrial Average
climbed 188.59 points, or 0.42%, to end at 44,910.65. Both the Dow and S&P 500 notched new intraday and closing highs.
Some of the upward momentum came from chip stocks, which popped after Bloomberg reported that the Biden administration was considering additional barriers on the sale of semiconductor equipment to China that weren’t as strong as previously expected. Lam Research
rallied more than 3% while Nvidia
jumped more than 2%. The iShares Semiconductor ETF (SOXX)
added 1.3%.
To be sure, it was a fairly broad advance that propelled the S&P 500 into uncharted territory. About 3 out of every 5 S&P 500 members finished the session in the green.
The stock market is driven by optimism or pessimism. Trump's election victory is causing a wave of optimism that Bidenomics is coming to an end and sane people will control the economy for the next 4-12 years.