Stocks began December much as they ended November—in winning fashion:
- The Dow rose 294 points, or 0.8%, to 36,245.
- The S&P 500 rose 26 points, or 0.5%, to 4,594, which CNBC notes is a 2023 high.
- The Nasdaq rose 78 points, or 0.5%, to 14,305.
Gainers outnumbered decliners by roughly 5 to 1 on the New York Stock Exchange, and industrial stocks were among the biggest gainers, per the AP. Construction equipment maker Caterpillar rose 2.2%, and railroad operator Union Pacific rose 2.3%. Wall Street also had a mixed batch of earnings reports and financial updates to review on Friday. Computer maker Dell fell 4.7% after giving investors a weaker-than-expected revenue forecast, while beauty products retailer Ulta Beauty jumped 10.7% after reporting results that beat estimates.
Investors were dealing with an otherwise quiet day in a week that included some key economic reports, all of which raised hopes on Wall Street that the Fed is done with rate increases. Investors also entered December on track to close out the year with solid gains. The S&P 500 is up more than 19%, and the Nasdaq composite is up 36% in 2023. Smaller-company stocks have also recently turned higher for the year following the market's recent rally. The Russell 2000 index is now up more than 5% for the year. (More stock market stories.)
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