The equities market and stock exchange traded funds ended November in listless trading after hitting record highs before Thanksgiving.
The Dow Jones Industrial Average gained 3.7% over November. Meanwhile, the Nasdaq Composite rose 2.7% and the S&P 500 increased 3.0%.
Both the S&P 500 and the Dow ended at a new all-time high in the last week of November. On Nov. 27, the S&P 500 finished at 1,807.23 and the Dow closed at 16,097.33. However, both indices were slightly down on the last day of trading for the month.
Chinese stocks are rising to a one-month high after Beijing pledged extensive economic, legal and social reforms, reports Conrad de Aenlle for Reuters.
Pharmaceutical companies are posting better-than-expected growth year-over-year, with increased sales on more specialized drug products.
The worst performing non-leveraged funds for the month included SPECTRUM U.S. ETN (EEH) down 45.0%, Global X Gold Explorers ETF (GLDX) down 27.0% and Market Vectors Junior Gold Miners ETF (GDXJ) dwon 23.6%.
The government shutdown and fiscal problems seem all but forgotten as the markets fueled the rally in equities over November.
The soft and mixed economic data helped dampen speculation on tapering and keep investors around.
Meanwhile, Janet Yellen has stressed that the economy, while showing momentum, is still running below full capacity and that the Fed tools are still needed until the data says otherwise.
Forward momentum helped push the equities market higher over November, culminating with a record close on Wednesday before Thanksgiving, but markets weakened slightly on the last day, a shortened holiday session, for the month.
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Max Chen contributed to this article.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.
- Dow Jones Industrial Average