December 3rd 2023 |
- Expected year-end rally still in place
- No major deal-breaker visible for now although sentiment is increasingly becoming a burden
- Market pace is likely to slow down as market is heavily overbought
Market Review |
U.S. stocks ended another week with gains. The Dow Jones Industrial Average rallied 2.4% this week to end at 36,245.50. The S&P 500 booked a 0.8% gain over the week and closed at 4,594.63. The Nasdaq advanced 0.4% for the week to close at 14,305.03. For November, the S&P and Nasdaq rallied 8.9% and 10.7%, respectively, to notch their best monthly performances since July 2022. The Dow surged 8.8% for its best month since October 2022. Most key S&P sectors ended in positive territory for the week, led by the real estate sector. Comm. services were the only decliners. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 12.6.