Major indices close higher but come off highs in the last hour or so of trading

S&P and NASDAQ index is still close at record highs

The major indices close higher but come off the highs and last hour so trading. Nevertheless both the NASDAQ and S&P closed at record high levels. The NASDAQ closed at record highs for the 46th time this year.

A snapshot of the close shows:
  • S&P index up 40.81 points or 1.13% at 3662.44.  The new all time high price comes in at 3678.45
  • the NASDAQ index close up 156.36 points or 1.28% at 12355.10. The new all-time intraday high price reached 12405.70
  • the Dow industrial average rose 185.28 points or 29823.92. The high price did extend back above the 30,000 level to a high price of 30083.31

Dow had its best month since 1987 but closed lower today. Record highs and record closes for the major indices in November

ajor indices lower on the day.

The US major indices close lower in last trading day of the month, but that did not subtract from the month’s solid performance:

  • the Dow industrial average had its best monthly performance since January 1987
  • the S&P 500 and NASDAQ had their best months since April
  • the S&P, NASDAQ, and Dow industrial average all closed at all time high prices this month (the NASDAQ and S&P closed at all-time highs on Friday)
  • today the NASDAQ snapped it’s a 4 day winning streak
  • The Dow reached the 30,000 milestone before backing off the last few days of the month
A look at the market at the close shows:
  • The S&P fell -16.72 points or -0.46% to 3621.67
  • The NASDAQ index fell -7.109 points or -0.06% to 12198.73
  • The Dow fell -271.73 points or -0.91% to 29638.64.
For the month of November:
  • The S&P rose 10.76%
  • The Nasdaq rose 11.8%
  • The Dow rose 11.84%.
For the year (with one month to go), the NASDAQ still leads the charge by a lot:
  • The S&P index is up 12.1%
  • The Nasdaq is up 35.96%
  • The Dow is up 3.86%.
The new all time high prices for the major indices are at:
  • NASDAQ index, 12244.64 reached today. The new all time high close is 12205.85
  • S&P index all-time high price is 3645.99.. The new all time high close is 3638.35
  • Dow industrial average all time high price is now 30116.51. The new all time high close is 30046.24

NASDAQ/S&P close at record high levels

Major indices close higher on shortened post Thanksgiving trading session

The major indices are closing higher with each posting weekly gains.

  • 4 day win streak for NASDAQ
  • NASDAQ closes at record highs
  • S&P index close at a record level
  • Dow industrial average on track for its best month since 1987
  • The S&P index close at a record level
  • The NASDAQ has had a 45 record closes in 2020
A look at the final numbers shows:
  • S&P index rose 8.76 points or 0.24% at 3638.39
  • NASDAQ index closed up 111.44 points or 0.92% at 12205.24
  • Dow industrial average rose and 37.9 points or 0.13% at 29910.32
For the trading week, the NASDAQ index led the major indices.
  • S&P index, +1.58%
  • Dow industrial average +1.45%
  • NASDAQ index +2.53%
If you look at the small cap Russell 2000, it had the biggest gain amongst broad market indices. It rose by 3.92%

JPMorgan’s S&P target is 4500 (year-end 2021)

A quickie from a JPM note on the US equities.

Looking for much greater gains, citing:
  • Expectations of many key risks subsiding (e.g. U.S. elections, pandemic and vaccine news, etc.) clearing the path to a more positive forward outlook”
  • While there has been some upward pressure on rates, central bank policy continues to be accommodative and a major pillar of support for equity multiples. 
JPM are wary on a rise in yields though, saying a 1.5% 10-yr UST yield would make them less comfortable on US stocks.

S&P 500, Dow pull back from all-time closing highs after grim jobless data

The S&P 500 index closed lower on Wednesday as mounting U.S. layoffs in the wake of new mandated lockdowns to contain surging COVID-19 infections dampened investor risk appetite.

The market appeared to be replaying the previous two weeks, which began with rallies driven by promising vaccine news but pivoted back to stay-at-home plays on near-term pandemic realities and lack of new fiscal stimulus.

Still, the vaccine developments and removal of uncertainties surrounding the U.S. presidential election have driven Wall Street indexes to record closing highs, and put the S&P 500 on course for its best November ever.

Market participants believe U.S. stocks have more room to climb. A recent Reuters poll showed analysts believe the S&P 500 will gain 9% between now and the end of 2021. The index has surged about 66% since the coronavirus-led crash in March and is up about 12% so far this year.

The Dow Jones Industrial Average fell 173.77 points, or 0.58%, to 29,872.47; the S&P 500 lost 5.76 points, or 0.16%, to 3,629.65; and the Nasdaq Composite added 57.08 points, or 0.47%, at 12,094.40.

Of the 11 major sectors of the S&P 500 seven ended the session in the red, with energy suffering the largest percentage loss.

The economically sensitive banking sector lost ground, with the S&P 500 Banks index shedding 0.7%.