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Dow soars more than 500 points as US stocks trade mixed to close out big November gains

Dow soars more than 500 points as US stocks trade mixed to close out big November gains
Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2023 in New York City.
Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2023 in New York City.Spencer Platt/Getty Images
  • The Dow soared more than 500 points Thursday, hitting its highest level for the year.

  • US stocks also closed out big gains for the month of November.

  • The 10-year Treasury rose over 9 basis points as Fed officials warned on more tightening.

The Dow Jones Industrial Average soared to its highest level of the year on Thursday as US stocks closed out a big month of gains.

In November, the Dow and S&P 500 jumped about 9%, while the Nasdaq surged 10.7%, helped by a steep drop in bond yields in recent weeks.

But the 10-year Treasury yield rose over 9 basis points on Thursday as some Federal Reserve officials warned that interest rate hikes were still an option.

"If price pressures and imbalances persist more than I expect, additional policy firming may be needed," New York Fed President John Williams said.

That's despite the personal consumption expenditures index showing a continued slowdown in inflation and an increase in weekly jobless claims signaling more slack in the labor market.

"The Fed is on hold for now but their pivot to rate cuts is getting closer: Inflation is clearly slowing, and the job market is softening faster than expected," Comerica Bank Chief Economist Bill Adams said after the data release.

Here's where US indexes stood at the 4:00 p.m. ET closing bell on Thursday:

Here's what else happened today:

In commodities, bonds and crypto:

  • West Texas Intermediate crude oil dropped 3.4% to $76.08 per barrel. Brent crude, oil's international benchmark, shed 2.7% to $82.85.

  • Gold inched 0.5% lower to $2,034.98 per ounce.

  • The yield on the 10-year Treasury rose 9.4 basis points to 4.367%.

  • Bitcoin fell 0.22% to $37,734.

Read the original article on Business Insider

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