US Stock Market Bounces Back After Last Week’s Sharp Fall
On November 18, 2024, major US stock indexes made a modest recovery from the previous week’s significant losses. The S&P 500 saw a rise of 0.4%, marking its first gain in three days. The Nasdaq composite also experienced a gain, increasing by 0.6% to reach 18,791.81 points. However, the Dow Jones Industrial Average experienced a slight dip, falling by 0.1%.
This recovery comes in the wake of a sharp decline last Friday. This drop was triggered by hawkish comments on interest rate cuts from the Federal Reserve Chairman and the controversial nomination of vaccine skeptic Robert F. Kennedy Jr. as Health and Human Services Secretary by President-elect Trump. Despite mixed economic data, which includes a 0.1% decrease in retail sales and a 0.3% contraction in industrial production for October, market participants remain hopeful for Fed rate cuts.
Among the notable gainers was CVS Health, which rallied after announcing new board appointments. This move came in the wake of engagement with hedge fund investor Glenview Capital Management.
Source: Yahoo Finance Market Report