The U.S. stocks continued their surge on Friday to wrap up a strong month, while the S&P 500 and Dow Jones Industrial Average reached new records.
The S&P 500 gained 33.64 points or 0.56% and had its best post-Thanksgiving session in 12 years. The benchmark index closed at an all-time high of 6,032.38 after a monthly gain of 5.73%.
The blue-chip Dow Jones surged past 45,000 points mark at one point on Friday before settling at a close of 44,910.65. It was still the record close for the index, marked by a 188.59 points or 0.42% gain. Dow Jones ended November with a 7.54% monthly gain.
The tech-heavy Nasdaq Composite also finished the month in the green with a gain of 6.21%. It closed at 19,218.17 points on Friday after 157.69 or 0.83% jump.
The stock market proved resilient in the aftermath of expectations that the Federal Reserve would adopt a slower path toward lowering interest rates. After slashing its borrowing rate by 50 basis points in September and a further 25 basis points in October, the Fed is expected to deliver another 25 basis points cut in December before keeping the rate steady throughout 2025.
Experts believe that the trend of gains for U.S. stock won’t end here and that they still have “some room to run.”
“As we head into December, it’s really hard to fade this bull market here, with all the things going right, the election in the rearview, and a seasonal tailwind that still has some room to run, “Ross Mayfield, investment strategist at Baird Private Wealth Management, told CNBC.