A powerful Friday rally left stocks higher last week, extending the market’s early November gains.
The Dow Jones Industrial Average rose 0.65%, while the Standard & Poor’s 500 advanced 1.31%. The Nasdaq Composite index jumped 2.37% higher for the week. The MSCI EAFE index, which tracks developed overseas stock markets, edged 0.25% higher.1,2,3
STOCKS EXTEND GAINS
In a news-light week, stocks added to the gains of the previous week’s rally, helped by stable bond yields. Last week’s advance did not go smoothly, however, as the week’s accumulated gains were erased on Thursday by the combination of a 30-year Treasury bond auction that saw lower-than-expected investor demand, which sent bond yields sharply higher, and disconcerting remarks by Powell that disappointed investors harboring hopes for the conclusion of the Fed’s rate-hike cycle.
Stocks rebounded strongly on Friday as investors reconsidered Powell’s comments, and bond yields retreated, leaving the rally from October lows intact.
1. The Wall Street Journal, November 10, 2023.
2. The Wall Street Journal, November 10, 2023.
3. The Wall Street Journal, November 10, 2023.