American stocks strengthened on Friday and scored significant gains throughout the week. Stocks rode a wave of optimism following the release of macroeconomic data. Data from the US labor market are raising hopes that the Fed’s interest rate hikes are over. Most sectors posted gains today, with one of the few exceptions being oil and gas stocks, which underperformed.
The Dow gained 0.66% to end at 34,061.32 on Friday, and the broader S&P 500 rose 0.94% to 4,358.34, while the Nasdaq Composite gained 1.38% to 13 478.28 points. The VIX ended the week down 4.79% at 14.91 points, and the 10-year US Treasury yield was down roughly nine basis points at 4.575%. The price of oil fell by more than 2%, gold gained only slightly by 0.35% and silver gained over 2%. Bitcoin corrected less than a percent during Friday, trading near the $34,600 mark.
S&P 500 – November 3, 2023, source: Finviz
Over the past week, the Dow rose 5.07%, the S&P 500 rose 5.85% and the Nasdaq Composite closed 6.61% stronger.
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