Last week, the S&P 500 index rose 1.1%, ending November on a strong note as the market benchmark locked in its largest monthly increase of the year.
The S&P 500 ended Friday’s abbreviated session at 6,032.38, its highest closing level ever, a day after it had been closed for the Thanksgiving holiday. The index also recorded a fresh intraday high on Friday.
For the month, the S&P logged a 5.7% increase, its largest monthly increase since an 8.9% jump last November.
The index is up 26% for 2024 with a month remaining in the year.
Economic data released last week showed U.S. real gross domestic product rose at a 2.8% annualized rate in the third quarter, in line with the prior estimate and a Bloomberg-compiled consensus. However, the measure for personal consumption expenditures was revised lower to 3.5% growth from a previously projected 3.7% gain.
All but one sector in the S&P 500 rose last week. Consumer discretionary had the largest percentage increase, up 2.3%, followed by a 2.1% rise in health care and a 2% lift in real estate.
Energy was the lone sector in the red for the week, falling 2%. Crude oil futures also declined as the Israel-Hezbollah conflict eased, reducing concerns about supply disruptions.
This week, the market will kick off December with reports on October construction spending and November manufacturing data, but all eyes will be on November’s employment data coming later in the week.
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