The Dow Jones Industrial Average
and S&P 500
rose to new heights on Friday amid a shortened trading day that capped a strong month for equities.
The S&P 500 added 0.56% to 6,032.38, while the Nasdaq Composite
jumped 0.83% to 19,218.17.The Dow climbed 188.59 points, or 0.42%, to end at 44,910.65. Both the Dow and S&P 500 notched new intraday and closing highs.
Some of the upward momentum came from chip stocks, which popped after Bloomberg reported that the Biden administration was considering additional barriers on the sale of semiconductor equipment to China that weren’t as strong as previously expected. Lam Research
rallied more than 3%, while Nvidia
jumped more than 2%. The iShares Semiconductor ETF (SOXX)
added 1.3%.
A fairly broad advance propelled the S&P 500 into uncharted territory. About three out of every five S&P 500 members finished the session in the green.
https://www.cnbc.com/2024/11/29/stock-market-today-live-updates.html
On an intraday basis, bitcoin was last higher by more than 2% at $97,081.81. Earlier, it traded as high as $98,722.00. Coinbase
fell 4.75%, while bitcoin proxies MicroStrategy
and Mara Holdings
gained 0.67% and 1.86%, respectively.
Investors in November were pricing in Trump’s second presidency. During his re-election campaign this year, he pitched himself to Americans as the candidate who would bring the crypto industry out of a dark period defined for many by the absence of clear digital assets regulation and the regulation-by-enforcement approach the Securities and Exchange Commission, under Chair Gary Gensler, has taken toward crypto businesses.
Trump’s victory sent bitcoin rallying to as high as just a couple hundred dollars shy of the highly anticipated $100,000 milestone. While another Trump term is expected to add another layer of legitimacy to the young crypto industry, it also serves as a macro catalyst, implying larger budget deficits, potentially more inflation and changes to the international role of the dollar — all things that would have a positive impact on the price of bitcoin.
Views:
0