Stock market today: Wall Street rallies and adds to its strong gains in November
Wall Street rose sharply to add to an already strong November, which is on track to be one of the market's best months of the year
NEW YORK — Wall Street rose sharply Friday, keeping November on track to be one of its best months of the year, as companies continued to turn in better profits for the summer than expected.
The S&P 500 leaped 1.6% amid a widespread rally. The Dow Jones Industrial Average gained 391 points, or 1.2%, and the Nasdaq composite was 2% higher.
Stocks climbed as financial markets recovered from a slump the prior day, triggered in part by worries that the Federal Reserve may hike its main interest rate further to get inflation under control. Bets diminished among traders on Friday that the Fed will increase rates at its next meeting, even though a report in the morning indicated expectations for inflation among U.S. households is on the rise.
This earnings reporting season is also turning out much better than analysts expected, and it’s likely to show the first growth in earnings per share for S&P 500 companies in a year, according to FactSet. But the focus is swinging toward what companies will do later this year and beyond as interest rates remain high and the U.S. economy is expected to slow.
“We think earnings growth can accelerate in 2024,” said David Lefkowitz, head of U.S. equities at UBS Global Wealth Management. That’s one reason he’s forecasting the S&P 500 can continue to rise modestly over the next year.
Hologic jumped 7.3% for the biggest gain in the S&P 500 after the maker of diagnostics and other products focused on women’s health reported better profit for the latest quarter than expected.
Doximity was another winner, up 16.2% after it likewise reported stronger profit than
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