S&P, Nasdaq, Dow Jones futures hold steady as tech pullback weighs on monthly gains; Nasdaq eyes end to seven-month winning streak amid holiday-shortened week
Stocks rose on Wednesday, giving major U.S. indexes a fourth consecutive day of gains heading into Thanksgiving. The Dow Jones Industrial Average rose 314.67 points, or 0.67 percent, to 47,427.12 points. The S&P 500 index closed at 6,812.61 points with an increase of 0.69 percent, and the Nasdaq Composite closed at 23,214.69 points with an increase of 0.82 percent.
According to the CNBC website, despite this mid-week rally, the indices are heading for a losing month. The decline in technology stocks weighed on the averages in November amid ongoing concerns about the future profitability of AI companies.
But some investors see November’s decline as a chance for a year-end rally and are now buying stocks at more attractive valuations.
According to the CNBC website, stocks will finish the week with an increase due to the recovery in technology stocks. At Wednesday’s close, the Dow was up more than 2 percent, while the S&P 500 and Nasdaq Composite were up 3 percent and 4 percent.
The stock market was closed for Thanksgiving on Thursday and is scheduled to close early at 1 pm ET on Friday. With the holiday season coming, investors will closely monitor whether the recent recovery in the market will pave the way for a year-end rise.
