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The Nasdaq (^IXIC) and S&P 500 (^GSPC) closed at record highs on Monday stocks kicked off the final month of a banner 2024 on a high note.
The S&P 500 edged up 0.2% to extend its recent record, while the Dow Jones Industrial Average (^DJI) slipped almost 0.3% from its recent all-time closing high. The tech-heavy Nasdaq Composite popped almost 1%, with Apple (AAPL) shares also touching a record.
Other tech stocks gained including Tesla (TSLA) and Meta (META), both up more than 3%.
The S&P 500 and Dow are entering December on a roll, having ended November with their best monthly gains in a year. The rally got a boost last month thanks to optimism around President-elect Donald Trump’s victory. Year to date, the benchmark S&P is up over 25%, while the Dow has gained nearly 20%. The tech-heavy Nasdaq has gained nearly 30%.
In individual stocks, shares in Jeep maker Stellantis (STLA) sank after CEO Carlos Tavares suddenly resigned. Meanwhile, Intel (INTC) stock ended lower after the company said its CEO, Pat Gelsinger, had retired from the struggling chipmaker.
Investors are starting to count down to the November jobs report on Friday, a key input for the Federal Reserve’s policy making, as well as to job openings and private payrolls readings.
A surprise monthly jobs print could reset the expectations for rate cuts that have supported stocks’ stellar performance this year. That said, bets on a slower path of Fed easing haven’t made a significant dent in the recent appetite for stocks.
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