The S&P 500 index rose 3.7% last week in a broad climb that helped the market benchmark end the trading month with a November gain. The index closed November with a 0.1% increase. This marks a significant turnaround in a short time – just a week prior, the market benchmark had been down 3.5% for November. It is up 16% this year.
The climb came in an abbreviated week as the U.S. stock market was closed on Thursday and had a shortened session on Friday due to the Thanksgiving holiday.
Investors are growing increasingly hopeful for the Federal Reserve’s Federal Open Market Committee to cut its benchmark interest rates, especially after a report on private payrolls released last week by ADP showed a preliminary average decrease of 13,500 jobs in the four weeks ending on Nov. 8.
All of the S&P 500’s sectors rose on the week. Communication services had the strongest gain, up 5.9%, followed by a 5.3% climb in consumer discretionary and a 4.3% rise in technology. The smallest gain was logged by energy, which edged up 1%.
Earnings reports are expected this week from companies including CrowdStrike Holdings and Salesforce. Economic data will include manufacturing data, automotive sales and private sector employment from ADP, all for November. The government is also expected to release September personal consumption expenditures, which had been delayed by the shutdown.
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