Stock Market Today: Dow wraps up strong November with swashbuckling 520-point gain
Investing.com — The Dow wrapped up a strong November, with swashbuckling gains on Thursday as investors cheered further a slowdown in inflation and mostly better than expected corporate earnings.
By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 520 points, or 1.5%, the S&P 500 rose 0.4%, while the NASDAQ Composite fell 0.2%.
The blue-chip Dow Jones Industrial Average rose 8% in November, its best month since October last year. The broad-based S&P 500 was up nearly 9% in November, while the tech-heavy Nasdaq jumped 10.7%, with both indexes delivering their best monthly performances since July 2022.
The October personal consumption expenditures price index, the Fed's preferred measure of inflation, slowed to a 0% pace, compared with forecasts for a 0.1%, from a 0.4% last month, taking the annualized figure to 3.4%, down from 3.7% the prior month.
Core PCE inflation, which the Fed believes is a more accurate gauge of underlying inflation slowed to a 3.5% pace from 3.7% the prior month.
The slowing pace of inflation comes even as the labor market appears strong than expected as initial jobless claims climbed by less than expected.
Treasury yields shrugged of the signs of slowing inflation, with the yield on the 10-year Treasury up 7.1 basis points to 4.339%.
Salesforce Inc (NYSE:CRM) jumped more than 9% after the company lifted its annual guidance following Q3 results that topped Wall Street estimates as ongoing efforts to cut costs boosted margins.
Salesforce will likely continue to expand margin, Goldman Sachs, «albeit at a more moderate rate, when a macro recovery starts to form.»
After withdrawing guidance in October owing to uncertainty over costs relating labor strikes, Ford Motor Company
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